Recent reports from Ukraine’s securities chairman, Timur Khromayev, seem to point towards the idea that the nation is now prepared to legalise several cryptocurrencies. The proposal, which will be reviewed during Ukraine’s Financial Stability Board meeting, could mean that yet another country will join the immersive crypto space.
The decision is, however, far from its infancy stage, as apparently, the country is already starting the formal procedures needed towards legalising digital assets. Overall, this conclusion seems to follow a trend in which governments recognise the impact that virtual currencies are already having around the globe, close the point of no-return, as pointed out by Khromaev.
The country’s chairman of Ukraine’s National Securities and Stock Market Commission (NSSMC), who also happens to be the head of the Committee on Development Strategy and Economic Analysis of Stock Market firmly believes that the crypto ecosystem will have a significant impact on the traditional financial system we know of today. In this context, Ukraine can either get with the program or stay behind, and the latter doesn’t seem like part of his agenda.
“The ‘point of no return’ is already in the past […], and financial regulators need to address issues of cryptocurrencies’ status, activity, and consequences […] when creating adaptive and legal/normative declarations.”
Cryptos in Ukraine
When speaking about the country as a whole, Ukraine holds an interesting mix of opinions when it comes to cryptos such as Bitcoin. Despite this, the central bank seems willing and quite eager to create a digital version of their national currency, known as the Hryvnia. But, we can’t ignore that harsh criticism was also faced by the same government supporters who put the idea forward, mainly after reveals that a number of them held Bitcoin in their personal wallets.
All in all, Khromaev still believes that action needs to be taken now, as enthusiasts and investors wouldn’t want to wait for too long for international regulatory standards. Plus, the national level legal frameworks should be set in place, as he pointed out, and because of this, Khromaev vowed to put the idea forward himself.
“All things considered, I reckon it is highly prudent to look into the issue of recognising several crypt assets […] as a financial instrument, formulate paths to allow interaction with them and begin procedures on creating suitable legal frameworks.”
It would be brilliant to see these plans come to life, mainly since places such as Russia have been less-than-kind to cryptocurrencies. In fact, Russian authorities are considering the possible implementation of restrictions as part of a load of new laws, which are set to be released as soon as July.