Regulators in ukraine : Bitcoin cannot be recognized as money, offers, legal, currency or securities

A joint statement from the Ukrainian central bank and of the main regulators of the country shows that the existing legal frameworks do not apply to crypto-currencies. They can therefore not be recognized as a legal currency or securities.

Concern at the level of the legal status of digital currencies

Ukraine is actively working on the regulatory framework for crypto-currencies. The main financial regulators of the country, the national Bank of Ukraine (NBU), the national securities Commission and the Commission for regulation of markets of financial services have jointly published a statement on digital currencies.

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They have indicated the lack of a single approach to determine the legal status of crypto-currencies or their regulations among the regulators around the world. As regards the Ukraine, the virtual currency, does not fall under any legislation and therefore cannot be considered a legal currency or a title and has no monetary value. The three financial authorities have explained that the Bitcoin cannot be recognized as a currency. They claimed that despite the development of this crypto-currency in the world, its legal nature is complex and makes the task very difficult.

Three proposals of law were presented

There have already been three proposals for the regulation of crypto-currency in Ukraine. Mr. Ain Timur Khromaev, president of the NCSSM, said that they have already submitted their comments on the draft laws covering Bitcoin. The introduction of such projects in the parliament is a bit premature, he added.

According to the three financial regulators, they will continue to work on the legal status and the regulatory framework for the digital currency, taking into account the position of regulatory agencies in other countries and of recent trends in the development of these technologies. The adoption of this solution will surely the international trade of the country.

Source : NewsBitcoin