Home News High-ranking Ukrainian official proposed to recognize cryptocurrencies as a financial instrument

High-ranking Ukrainian official proposed to recognize cryptocurrencies as a financial instrument

The Head of the National Securities and Stock Market Commission of Ukraine (SSMCS) Timur Khomaev decided to bring the issue of recognizing cryptocurrencies as a financial instrument to the attention of the Ukrainian Financial Stability Council.

“I think that it is timely to consider the issue of recognizing certain cryptocurrencies as financial instruments, formulate the approaches to recognizing related activities and commence the relevant legislative procedures at the next Financial Security Council’s meeting,” – he wrote in his Facebook account.

“We are way past the “point of no return,” – Khomaev believes. “Crypto industry becomes an integral part of economic and financial relations. Thus, the issues of recognizing the status, the activity and the consequences in question require adoption and legislative recognition on the part of financial regulators”.

Meeting the international standards is still the matter for the future, but now the time has come for certain cryptocurrency-related rules and regulations to be established at the level of national legislation, the official believes.

As reported earlier, the head of the Parliamentary Committee for Informatization and Communications Alexander Danchenko approached Verkhovna Rada with an idea of establishing two separate regulatory frameworks for cryptocurrencies and cryptocurrency mining in January.