Bitcoin Forum

Ukrainian authorities have formed a working group comprised of major government watchdogs, authorities and the central bank to introduce ‘comprehensive regulation’ of the cryptocurrency sector.

A statement released by Ukraine’s security council yesterday reveals a prolonged discussion on the advent of cryptocurrencies in Ukraine during a meeting centered on matters related to the security and defense of the state. Participants of the meeting, which included National Security and Defense Council Secretary Oleksandr Turchynov, specifically ‘considered a complex of problems related to the uncontrolled circulation of cryptocurrencies’ in Ukraine.

Vehemently stating that a lack of oversight into the use of cryptocurrencies “poses a threat to the economy and security of the state,” Turchynov remarked:

“Given the rapid development of cryptocurrencies in the world, this issue cannot be left out of the state’s attention.”

To this end, senior Ukrainian officials are establishing a working group of market regulators, financial authorities and watchdogs to develop legally compatible proposals to regulate cryptocurrencies, have broader oversight into the cryptocurrency market, monitor transactions ‘with the use of “cryptography’ and identify participants in cryptocurrency transactions. In addition, the working group will also work taxing adopters gaining income in cryptocurrency payments.

“Moreover,” the statement continued, “the authorities were assigned to develop a mechanism for ensuring access of law enforcement bodies to the data of cryptocurrency exchanges with the obligation of the given subjects to store information about all transactions within the period established by law for financial institutions and disclosure of customer information on a motivated request.”

The working group will specifically comprise of representatives from National Bank of Ukraine, the Ministry of Finance of Ukraine, the National Securities and Stock Market Commission of Ukraine, the SSU, the National Police of Ukraine, the State Financial Monitoring Service of Ukraine, the State Fiscal Service of Ukraine and the State Service for Special Communications and Information Protection of Ukraine.

The statement added:

“The development and implementation of all these measures will also include boosting international cooperation to establish a comprehensive regulation of the cryptocurrencies circulation and to avoid the criminalization of this segment.”

Curiously, the statement also hinted at the development of a state cryptocurrency.

It read:

“The National Bank of Ukraine is considering the relevance of establishing its own cryptocurrency.”

Ukraine’s central bank has already confirmed its intention to establish a definitive regulatory framework for cryptocurrencies in the country, a move that would “develop a common position on the legal status of Bitcoin and its regulation,” read a notice from the central bank in mid-2017.

https://www.ccn.com/ukraine-will-regulate-bitcoin-considers-issuing-state-cryptocurrency/

They would better to solve the situation on East and only after turn to crypto currencies.
Apparently they looked at the example of their neighbour Belarus and just do not want to stay overboard. I have heard that they promised to finish with bitcoin adoption/ regulation on September of the last year, but probably this information was just FUD just the same kind like it happen this days with South Korea and their "banning" of crypto currencies exchangers.
Well, many countries will follow by the road of regulation and control, I think it is normal process, course of everyone will try to participate in this crypto revolution and nobody wish to stay overboard.

Russia does the same. It wants to regulate cryptocurrency in February,

This is government at its worst. It's like making it illegal to park a car near a bank or even making it illegal to use a cell phone.

Let's see what will be the upcoming development on this news, maybe they will back out for whatever Putin decision on Cryptocurrency. I don't know if this will be a benefit to their country or they will just received a big backlash on their decision. "Considers" may mean that they will consult Russia on this big move but still i'm on doubt if Ukraine Government will issue their own CrptoCurrency.

To consult with Russia?  With what reasons this can happen, if there is a war between Russia and Ukraine?  Well, the news about the massive control of the crypto currency is a fake, because Ukraine initially seeks to create positive conditions for attracting investors to the country.

Do you know what's going on there? I guess not because if you did you wouldn't talk about stupid things like Ukraine consulting Russia.
At the moment Ukraine is being supplied by the US. They are going to get javelin anti tank missiles that will help them win against so called "separatists" that are being supplied by Russia. Russia is researching anti missile protection systems as we speak to shield their tanks from the US made heat seekers.
Do you really believe Ukraine will follow Putin's advice on anything, especially something as unimportant as cryptocurrencies?