Turchynov is going to legalize crypto-currencies in Ukraine

The development of cryptocurrency market can not remain outside the attention of the state.

This was stated by Secretary of national security Council and defense of Ukraine Oleksandr Turchynov during the meeting of the National coordinating centre for cyber security.

“Despite the rapid development of cryptocurrency in the world, this question can not remain without attention of the state. Further the removal of the state from this issue and the legal vacuum in the cryptocurrency market due to the lack of a legislative and regulatory framework creates a threat to the economy and security of the state”, – he stressed.

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According to the National Bank of Ukraine, security Service of Ukraine and the National police of Ukraine, lack of internal and external control over circulation of cryptocurrency and anonymity of calculations and potentially creating the preconditions for their use with the purpose of legalization of funds obtained by criminal means, payment forbidden to the free circulation of goods, particularly drugs and arms, enables the financing of terrorism, in particular, in occupied territories of Ukraine.

“The decision of the National coordinating centre for cyber security was requested relevant authorities to establish a working group with representatives of NBU, Ministry of Finance, the National Commission on securities and stock market of Ukraine, security service of Ukraine, State service of financial monitoring of the State fiscal service and State service of special communication and information protection to develop regulatory proposals for regulation; definitions state controller and the functioning of the cryptocurrency market; the procedure of monitoring of transactions using cryptocurrency and the identification of subjects of cryptocurrency operations; as well as the taxation of income from cryptocurrency transactions in accordance with the requirements of the legislation of Ukraine”, – said the press service of the NSDC Secretary.

Besides tasked to develop a mechanism to ensure law enforcement access to data of the crypto exchanges for the obligations of these entities to store information about all the transactions during a period established by law for financial institutions and disclosure of customer information pursuant to a motivated request.

Separately noted that the national Bank is considering the appropriateness of issuing its own cryptocurrency.

“Development and implementation of all these measures will include the development of international cooperation for the implementation of comprehensive regulation of cryptocurrency and avoid the criminalization of this segment”, – said Turchinov.

We will remind, earlier the President of Belarus Alexander Lukashenko signed a decree “On the development of the digital economy”, which provides for the resolution on the widespread use of blockchain technology, which is used in the cryptocurrency. He added that the first decree aimed at the involvement of Belarus in international IT companies, opening of representative offices and the establishment in this country demand technology product.

  • Turchinov
  • NSDC
  • cryptocurrency
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