Ukrainian Authorities Plan To Recognize Crypto As Financial Instrument
The Verkhovna Rada of Ukraine is developing a bill that defines digital currencies as financial assets. The authorities might adopt the bill till the end of the current year or early next year, the UNN news agency reports the words of the head of the National Securities and Stock Market Commission of Ukraine (NSSMC) Timur Khromaev.
Ukrainian regulators adopted the legal mechanisms of such promising countries for the crypto business’ growth as Malta, Gibraltar, and Switzerland. According to the NSSMC head, cryptocurrencies cannot be called payment means, as they are financial instruments such as stocks, bonds or bills.
He noted that the law adoption will make it possible for Ukraine to become the country with favorable conditions for the digital assets market formation, which will also give its residents the opportunity to widely apply decentralized tools for financial transactions.
Khromaev believes that the cryptocurrency market inside the country requires more precise control, for which it is necessary to introduce tax duties and officially fix the regulator’s status for the corresponding instances. Earlier, in July 2018, the Financial Stability Board of Ukraine approved a legal act on the digital assets regulation, according to which cryptocurrencies are treated as financial mechanisms.
Meanwhile, the statistics showed that more and more Ukrainians understand the value of digital assets, and 13% of residents have already become owners of bitcoins or altcoins. The total amount of daily cryptocurrency’s circulation in Ukraine amounts to $2 million.
As previously reported, the Securities and Exchange Commission of Thailand allowed financial institutions to sell and buy cryptocurrencies.