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Ukrainian authorities plan to recognize cryptocurrency as a financial asset

Ukraine may recognize cryptocurrency as a financial asset. The Verkhovna Rada will adopt the related legal framework later this year or next year, as reported by the Head of the National Securities and Stock Market Commission of Ukraine (SSMCS) Timur Khomaev.

The official referred to cryptocurrency as a financial tool, while noting that it cannot be regarded as a legal tender though.

“This is more like shares, bonds, promissory notes. We plan to give legitimate recognition to cryptocurrency as a financial asset and allow people to invest in it and use these financial tools,” – Kromaev explained to UNN news agency.

He said that Swiss, Maltese and Gibraltarian authorities adhere to the same definition. According to Khromaev, Kiev should crate the conditions for the development of cryptocurrency market in the country as well.

The Head of SSMCS considers it necessary to impose taxation on cryptocurrency and empower certain specialized institutions to regulate this sphere.

Khromaev has been working on the idea of recognizing cryptocurrencies as a financial tool for quite a while already. Back in May, he came up with the initiative of introducing the related draft law to the Ukarainian Financial Stability Council. Few days later, the draft law “On application of the distributed ledger technology and the legal status of tokens and cryptocurrencies in Ukraine” was made available for public scrutiny.