The Chairman of the National Securities and Stock Market Commission of Ukraine has indicated the regulator favors a decision to recognize cryptocurrencies as financial instruments. Timur Khromayev thinks it’s time to take the matter to the country’s Financial Stability Council. The point of no return has been passed, he says.
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Beyond the Point of No Return
Ukraine’s securities regulator is expected to raise the question about the status of cryptocurrencies during the next meeting of the Financial Stability Council in Kiev. The chairman of the National Securities and Stock Market Commission of Ukraine, Timur Khromayev, thinks that they should be recognized as financial instruments. A decision to do that would effectively legalize digital coins in the country, although not in all of their possible functions.
“I think it is very timely to consider the recognizing of some crypto units as financial instruments during the upcoming meeting of the Financial Stability Council,” Khromayev wrote on his Facebook page. He also insisted that the body should lay out approaches to regulating crypto-related activities and initiate corresponding legislative procedures.
Timur Khromayev noted the active development of the crypto industry in Ukraine, which, in his words, has already established certain standards and rules for conducting business. He also stressed:
The point of no return is already in the past. The crypto industry is becoming an integral part of economic and financial relations.
Therefore, Khromayev thinks, some adaptation and legal recognition by financial regulators is necessary in order to solve the existing issues. The chairman of the NSSMC proposes to consider crypto assets and operations within the framework of the existing regulations, “based on principle and substance, not form.” He also called
