Hurry up and Regulate Crypto, Urges Ukrainian Central Bank

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The policy-making unit at the Ukrainian central bank has asked the government to accelerate the introduction of crypto legislation.

The governing council of the National Bank of Ukraine (NBU), urged Kyiv not to delay in implementing its long-awaited regulation. They urged the executive to speed up the preparation of legislation to regulate cryptoasset markets and transactions using [cryptoassets]”.

The bank justification was that legislation would reduce “risks” and promote “macrofinancial stability” in areas pertaining to “the proliferation transactions involving cryptoassets.”

It also directed the bank’s board “to analyze the impact of cryptoassets transaction on central banks.”

The council recommended that the board investigate the impact crypto could have on monetary and financial stability policies, as well as new regulatory practices (which it called regtech). The board was given until December 1, 2018, to submit its findings.

The NBU is becoming more interested in the idea of introducing regulation to this sector. Draft legislation has proposed that the central bank be included as one of the institutions that could help with the enforcement of the law.

It claimed previously that legalization of crypto would provide legal protection for customers of crypto-related businesses and crypto exchanges.

The head of the police’s Cybercrime Unit also called to legalize crypto earlier this year – claiming that cryptocurrency is being used in nearly all types of crime.

The government has maintained a pro-cryptostance. In March, the nation’s finance minister called cryptocurrency “promising”. Meanwhile, efforts to supply crypto miners with excess nuclear power are continuing at the nation’s high-capacity power plants.

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