The three major Ukrainian regulators issue a joint statement that bitcoin can not be considered as legal currency, currency or security

nBankruptcy Commentary: Recently, the three major Ukrainian financial regulators, the National Bank of Ukraine (NBU), the National Security and Stock Market Commission of Ukraine (NCSSM), and the National Financial Services Market Regulatory Commission of Ukraine jointly issued a statement on cryptocurrencies. Encryption Money does not fall within the scope of existing legislation and therefore can not be recognized as money or a currency or foreign legal currency and has no monetary value. In addition, cryptocurrencies can not yet be identified as electronic money, vouchers, or currency substitutes. However, the three major agencies also said they will continue to study the legal status of cryptocurrencies and their regulatory framework.n
nTranslation: Clovern
Recently, the Central Bank of Ukraine and the country’s top financial regulator issued a joint statement that the existing legal concepts do not apply to cryptocurrencies. For example, no cryptocurrency can be used as money, legal currency, currency or securities are recognized.n
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The legal status of cryptocurrency is in troublen
Ukraine is actively studying a cryptocurrency regulatory framework. Last Thursday, the country’s top financial regulator, the National Bank of Ukraine (NBU), the National Security and Stock Market Commission of Ukraine (NCSSM), and the National Financial Services Market Regulatory Commission of Ukraine jointly issued a statement on cryptocurrencies.n
They pointed out that at present there is a lack of a single way of determining the legal status of cryptocurrencies or the regulatory regime in the regulatory bodies of the major countries in the world. The three agencies explained that, for Ukraine, cryptocurrencies are not covered by existing legislation and therefore “can not be considered as money” or “one currency or foreign legal currency, and there is no monetary value.” In addition, cryptocurrencies can not yet be identified as electronic money, vouchers, or currency substitutes. Statement said:n
n”Although cryptocurrencies are heavily used around the world, including as a measure of value, a form of exchange and accumulation of value, its complex legal nature does not allow it to equate with any related concept (money, currency, Monetary value, legal currency, electronic currency, securities, currency substitutes, etc.)n
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Ukraine’s Encrypted Currency Actn
At present, Ukraine has put forward three proposals on the regulation of cryptocurrencies.n
Oleg Churiy, NBU Deputy Governor, said at the central bank’s briefing on Thursday that “we have already submitted our comments on the draft law on cryptocurrencies.” In the meantime, Ain news media quoted the statement as saying: “It is too early to bring these projects to parliament.” Timur Khromaev, chairman of the NCSSM, also delivered a speech at the same briefing. The news media quoted his speech as saying:n
n”We think the legislative changes should be consistent with the international trend, of course, this should not be ‘Bitcoin legislation.’ This situation is non-existent worldwide. Legislation should be neutral technology. These are in a The issue of using tools in activities (such as investing activities) should be addressed by functional issues.n
nAccording to the three legislatures, they will continue to study the legal status and regulatory framework of cryptocurrencies, taking into account “the positions taken by regulators in other countries and the latest trends in these technologies.”n
In the meantime, they cautioned that “any activity related to trading, trading and redeeming cryptocurrencies involves a lot of risk and adds that” anyone who plans to invest in cryptocurrencies should be aware that they need to take on such costs Operational risk. “Some Ukrainian lawmakers have already invested in bitcoin. In August of this year, three Ukrainian lawmakers claimed to own 47 million U.S. dollars worth of bitcoin.n

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