The national Commission did not support a bill to legalize cryptocurrencies in Ukraine

The regulator insists on the revision submitted to the Parliament draft laws on cryptocurrencies.

The national Commission on securities and stock market (NKTSBFR) could not support the current version of the draft laws On circulation of cryptocurrency in Ukraine No. 7183 and On stimulation of the market of cryptocurrencies and their derivatives in Ukraine №7183-1.

This was reported by the press service of the regulator.

The national Commission insists on their revision and draws the attention of the authors of the bills that the use of the term “cryptocurrency” in the legislation is not justified, because in its essence this concept is the result of financial engineering, not “currency”.

In this regard, the securities Commission considers it is more appropriate the use of the term “cryptogenic”.

Also, the regulator notes that the legal status of cryptocurrencies in developed countries is different and is usually regarded as a financial instrument, investment asset, and less the product.

“That is the definition we see most appropriate,” says the national Commission.

The regulator also considers it inappropriate in advance of your expected bills a rigid regulation of cryptocurrencies.

This is because at this stage (global uncertainties in regulation of the cryptocurrency market) regulation should be based on principles and consist in the introduction of a common legal “legalization” financial regulator specific cryptoidentity, based on the nature and number of parties, transactions, systems of accounting, and the like.

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