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Ukraine's top three financial regulators publish a joint statement on cryptocurrency that does not recognize bitcoins as currency, legal currency and securities



Ukraine's central bank issued a joint statement with the country's top financial regulator. The statement said existing legal concepts do not apply to cryptocurrencies. For example, cryptocurrencies can not be recognized as money, legal currency, currency or securities.

Ukraine is actively studying the regulatory framework for cryptocurrencies. The nation's top financial regulator, the National Bank of Ukraine (NBU), the National Security and Stock Market Commission of Ukraine (NCSSM) and the Ukrainian National Financial Services Market Regulatory Commission jointly released a statement on cryptocurrencies.

They point out the lack of a single way to determine the legitimacy of cryptocurrencies or the regulation of regulators in the world's major countries. The three agencies explained that, in Ukraine, cryptocurrencies are not under existing legislation and therefore can not be "recognized as money" or "one currency or foreign legal currency and have no monetary value." In addition, cryptocurrencies can not yet be recognized as electronic money, vouchers, or currency substitutes. The statement said:


"Although cryptocurrency is heavily used around the world, including as a measure of value, a form of exchange, its complex legal nature does not allow it to equate to any relevant concept (money, currency, monetary value, legal currency, electronic money , Securities, currency substitutes, etc.).


Ukraine's Encrypted Currency Act


Ukraine has now proposed three cryptocurrency regulatory proposals.

Oleg Churiy, NBU Deputy Governor, said in a briefing by the central bank that "we have already submitted our comments on the draft law on cryptocurrencies." "It's too early to bring these projects to parliament." Timur Khromaev, NCSSM president, also spoke at the same briefing.


"We think the legislative changes should be in line with international trends. Of course, this should not be legislation on bitcoin." This is non-existent globally. Legislation should be neutral with technology, and these are used in a specific activity Tools (such as investment activities), legislation should take into account the functional issues.
According to the three financial regulators, they married you to continue studying the legal status and regulatory framework for cryptocurrencies, giving due consideration to "the stance taken by regulators in other countries and the latest trends in these technologies."

At the same time, they warn that "any activity related to buying, selling, converting and converting cryptocurrencies involves a lot of risk," and anyone planning to invest in cryptocurrencies should be aware that they are at risk. "Some Ukrainian lawmakers have invested Bitcoin In August of this year, three Ukrainian lawmakers claimed to hold $ 47 million worth of bitcoin.