National Bank of Ukraine: Similar Rules for Digital and Fiat Assets Are Needed

Published on 28 Mar. 2018
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On March 23, Yevgen Stepaniuk, the head of Financial Sector Reform Management of the National Bank of Ukraine, suggested implementing similar rules for the operations with digital and traditional financial instruments. He offered this during the international conference BlockchainUA in Kyiv, explaining that similar regulations would assure asset taxation and adherence to the rules of economic monitoring to avoid trespassing on the market and protect the rights of investors and consumers. 

During his speech, he emphasized:

The need for regulation of the operations with crypto assets has appeared because of unprofessional investors who enter the market and the necessity to protect their rights.

Taking into account the world experience, the head of financial sector mentioned that operations with cryptocurrencies have been remaining in the so-called “grey zone,” which creates a regulatory arbitration as compared to the traditional instruments of the financial market.

In the opinion of Yevgen Stepaniuk, the introduction of cryptocurrency regulation in the separate country can appear ineffective since the transactions are anonymous. So the global cooperation between the regulators is essential. 

Ukraine hasn’t yet decided on the regulatory politics of the cryptocurrency space. Last year, several projects were submitted, but none of them was supported on the higher level. Nevertheless, recently the government has decided to include mining in the Ukrainian Industry Classification System (KVED) which can eventually legalize this activity.

By the way, in February, NBU called to create a new law project on status, definitions, and regulation of cryptocurrencies.


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