The financial stability Council of Ukraine supported the concept of regulation of cryptocurrency

The financial stability Council of Ukraine supported the concept of regulation of cryptocurrency

The financial stability Board of the Ukraine supported the concept of cryptocurrency regulation, said the head of the National Commission on securities and stock market (NKTSBFR) Timur Limp in a post on Facebook.

According to Khromaev, the concept involves the recognition of crypto-currencies and tokens as financial instruments, establishes the roles and responsibilities of state bodies in the regulation of these instruments, in addition to the participants of the licensing operations, determining the conditions for the provision of information, etc.

The financial stability Board consists of the Manager of the National Bank of Ukraine, Finance Minister, heads the National Commission on securities and stock market National Commission for state regulation of financial services and managing Director of the Deposit guarantee Fund. They were instructed to identify and minimize risks to the stability of the national financial and banking systems. Decisions adopted by the Council are Advisory.

Limp said that the move is “an important first step in building consensus between public authorities and the financial regulators”, which confirms the commitment to cooperate with the Verkhovna Rada of Ukraine on legislation and regulatory framework in the sphere of cryptocurrency. The head of the securities Commission added that this structure is aimed at ensuring transparency and a high level of interaction between “investors and participants of the cryptocurrency market.”

The concept of recognition of cryptocurrency as a financial instrument has been proposed by the securities Commission in may 2018. According to Khromaev, growing cryptocurrency industry have made the cryptocurrency market is “an integral part of economic and financial relations.”

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