Ukraine set up a cryptocurrency regulatory working group

nRunaway Comment: Ukraine is one of the more passionate areas for cryptocurrencies and blockchain technology and has also started to pay more attention to the management of this new area. At present, some officials from various government agencies in Ukraine have formed a working group on cryptocurrency regulation and will be responsible for making a series of regulatory decisions. In the meantime, a bill related to cryptocurrencies has also entered the review process, all of which indicate Ukraine’s efforts to broaden its legal framework for the cryptocurrency market.n
nTranslation: Inan
According to information announced by the Ukrainian government on Thursday, some senior officials are setting up a new working group on the regulation of cryptocurrencies.n
At a meeting on cyber security and infrastructure issues, Oleksandr Turchynov, chairman of the Ukrainian National Security and Defense Commission, commented that the lack of cryptocurrency regulation poses a threat to Ukraine’s economy and security.n
The existence of these risks forced the government to set up the working group, which includes officials from the National Bank of Ukraine, the Ministry of Finance, the National Authority and the Stock Market Commission, and the National Police. The working group will decide which agencies have the power to govern the domestic cryptocurrency market and develop a system that will levy income taxes on the cryptocurrency trade.n
The government announcement reads:n
n”In addition, we allow authorities to develop a mechanism to ensure that law enforcement agencies have access to data on crypto-currency exchanges and that they have an obligation to store information on all transactions for financial institutions for the financial institutions within the time prescribed by law and to disclose customer information as motivated “n
nIt is worth noting that the statement shows that the Central Bank of Ukraine, the National Bank of Ukraine, may start to create its own virtual currency.n
The statement said: “The National Bank of Ukraine is considering creating its own cryptocurrency.”n
According to previous reports, a bill concerning the supervision by the central bank of cryptocurrencies has been submitted to the Ukrainian legislature.n
The proposed bill includes tax and regulatory requirements on the cryptocurrency exchange and even includes provisions on domestic mining operations. But the bill has not passed the review nor is it clear when it will pass.n

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