Cryptocurrency Should Enter Legal Field Of Ukraine – Opinion
Many regulatory organizations, as well as legal uncertainty hinder the growth of the Ukrainian crypto industry, Mikhail Vidyakin, the head of the National Bank’s Strategy and Reform Department, believes. His words were cited by Bitcoin.com with reference to a local publication.
The main stumbling blocks, according to the official, are of an institutional nature, besides, too many regulatory organizations supervise the industry. At the same time, cryptocurrencies still did not become part of the country's financial legal field.
First, the authorities have to reduce the number of regulators and then proceed to the development and adoption of regulatory acts on financial innovative decisions. Moreover, Mikhail Vidyakin stated that services of traditional banks should be available for the fintech sector.
Issues related to the crypto sphere are being discussed at various levels of the government for more than one year in Ukraine. Back in early 2018, Pavel Petrenko, the head of the country's legal department, called for the start of the bitcoin regulatory process. The status of digital assets was discussed by the participants of the meeting of the National Cyber Security Council in Kyiv, where concerns were expressed about the absence of control over the crypto turnover in Ukraine.
In the fall of 2018, the Ministry of Economic Development proposed the concept of digital currencies legalization. It is assumed that there will be two phases of the legalization. In 2019, the legal status of crypto exchanges should be determined, and by 2021, the regulation rules will apply to crypto wallet providers and digital asset storage platforms.