According to a statement made on May 8th, the Ukrainian National Securities and Exchange Commission (SSMCS) is considering cryptocurrencies as a financial product.
Commissioner Timur Khromaev shared this announcement on Facebook following the annual conference of the International Organization of Securities Commissions (IOSCO) on cryptocurrency and Initial Coin Offerings (ICOs).
According to Khromaev, the crypto industry has made significant progress over the past three years, and has caused the market to become the head of economic and financial integral. The SSMC president stressed about the legal recognition of the cryptographic currencies’ adaption of financial regulators. Khromaev concluded by saying, “the point of no return is in the past.”
Khromaev added that cryptographic assets and transactions should be assessed through current legal framework in accordance with the principles of the asset, regardless of whether it is in paper or digital form.
Khromaev also emphasized that the new rules and regulations for cryptographic currencies should be determined at the national level and while the changes take place, they need to consider the dynamism of the digital assets.
Ukrainian cryptocurrency made many moves on the basis of its stance, but one of the most remarkable of these was the National Bank of Ukraine (NBU), which is the central bank of Ukraine. In August of 2017, NBU made a statement about crypto and stated that no other currency or reserve currency outside the national currency could be used as a payment instrument in the country. In October, the NBU had also stated that the High Council of Experts agreed to offer bids to decide the legal status of the cryptocurrency.
And finally, in January 2018, NBU announced that they were considering about launching the hryvnia, which is the digital form of their national currency.