The Department on combating cybercrime of the Ukrainian police acted in support of the legalization of cryptocurrencies, and despite some problematic issues associated with them.
The division of police also noted the need for regulation of cryptocurrency “in the shortest possible time”. The Ukrainian Parliament has yet to pass a new law against the background of growing requirements of other agencies regarding the regulation of cryptocurrencies.
To legalize or prohibit the
Sergey Demediuk, head of the Department of police, in his recent statement stressed the necessity of regulation of all issues related to the use of cryptocurrencies, at the legislative level. He believes that legislation for such regulation should be taken as soon as possible. He also pointed to the importance of legislative changes to the taxation of transactions with cryptocurrencies. Demediuk also argues that it is necessary to define the rules of cryptocurrency exchanges.
The representative of the National police stated that in case of impossibility of regulating the status of cryptocurrency in the near future, the government should officially deny their appeal. Warns of Demeduk, in this case, “everyone will know that buying and selling the cryptocurrency in Ukraine, he risks permanently losing their invested funds in the absence of any protection or compensation”.
However, a senior police officer said that the cyber-police of Ukraine supports efforts to legalize cryptocurrencies and their mining in the country, despite fears that their appeal could “have the same base, and of a financial pyramid”.
The growth of regulatory requirements
Statements of Delduca is only part of the many calls to legalize crypto-currencies in Ukraine. His comments followed the publication of the results of the study, which found that dozens of Ukrainian officials hold a total of more than 21 000 bitcoins, as reported by news.Bitcoin.com.
Earlier this month, the status of the cryptocurrency has been the subject of discussion at the meeting of the National focal point of cybersecurity in Kiev. Representatives of the security services more details considered the “uncontrolled circulation of” cryptocurrency in Ukraine. Authority on cyber security has decided to create a special working group for formation of legislative base. He will assist other authorities in developing the basis for the cryptocurrency market by establishing control procedures operations and clarify aspects of taxation.
The Secretary of national security and defense of Ukraine Oleksandr Turchynov believes that the development of cryptocurrency market cannot be ignored. The Minister of justice of Ukraine Pavel Petrenko said that it is necessary to create a legal framework for bitcoin, and added that government agencies should respond to this phenomenon. A petition to the President about the legalization of cryptocurrency was filed January 12.
The national Bank of Ukraine is the enemy cryptanalyst. But at the same time, legislators introduced two bills on the regulation of their status. The bills finalized in the committees of the Verkhovna Rada in October. One of them aimed at the regulation of cryptocurrencies and the other to stimulate the cryptocurrency market and trade derivative cryptocurrencies. Proposed changes to the tax code cover the aspects of taxation with potential benefits for mining companies. However, the legalization of bitcoin can take many months, because the government will have to prepare appropriate regulations for the implementation of the law.