The Ukraine government is looking to get serious regarding crypto-regulation and for this, it is organizing a working group to monitor the necessary structure. Since October, the dedicated legislation is working with the parliament to compile the frame. The National Bank is examining the plan to discharge “e-hrynias”, on the other hand, justice minister points that bitcoin is a reality and signals for its legalization.

Crypto is a cause for concern in Ukraine’s Security

The word cryptocurrency has been a major topic of discussion across the National Cybersecurity Coordination center and participants are taking a more detailed look at its uncontrolled circulation. The representatives of Ukraine’s National Bank, Police and Security service point, that the absence of control and the name-less transactions taking place lead to the building of conditions for laundering money possessed through criminal activities. Placidly, the officials also recognized the possible use of the cryptocurrency to buy illicit goods including drugs and weapons. The ban would’ve been not complete, if financing terrorism was not discussed as pointed by Oleksandr Turchynov, Secretary of National Security Council. He further pointed that when the government is not getting involved in the matter, it is a legal gap which will lead to possible threats arising in economy and security of the state. He stressed on the need for a regulatory framework and statutory instruments.

The suggestion of the officer, lead to the NCCC setting up a working group that will be responsible to finalize all legal groundwork for adoption of the crypto regulation. In the presence of all dignitaries of various banks and security agencies, a framework has to be structured as for how the cryptocurrency market will function and what will be the mechanism to inspect transactions and identities. The same group will also focus on dealing with crypto-taxation.
The experts in the government will create a mechanism to access data collected by exchanges and will be duty-bound to store all transactions. The Crypto organizations will need to share information regarding their customers in case a “motivated request “is submitted by officers.

Legalize Bitcoin as it is going to exist

A cybersecurity meeting held a few days back notified that Bitcoin needs to be brought in the legal field. Some eminent personalities even stated that cryptocurrency transactions are going to take place in one way or the other, which is the reason it is necessary to regularize it. Moreover, it also revealed that Bitcoin still involves a sizable portion of market transactions and every state should respond to this phenomenon, otherwise it will stay out of the law.

A lot of discussions is on-going as per the legalization of Bitcoin in various states and even financial regulators are already supporting parliamentary initiatives to regulate the status of cryptocurrencies. Two bills and one amendment are also in the pipeline as per circulation of digital coins and stimulation of cryptocurrency market and their derivatives.

There were speculations regarding the issue of a new crypto, but the central financial authority denied any such announcement. However, banks are still contemplating on the possibility of nation’s fiat currency in the digital form. This could be organized within the scheme of “Cashless Economy” project directed at speeding the bank operations and minimizing loses during money transfers.