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Kiev Now Ready To Regulate The Use Of Cryptocurrencies

It is not really a good situation out there in Ukraine, as the conditions are not favorable for legitimate cryptocurrency operators in the country. This is as a result of the activities of criminals, who perform a lot of illegal activities. In the Last few months, major players in the crypto world were kidnapped and forced to part with a lot of money in cryptos before being released.
The government in Kiev has not also put any measure in place to regulate the cryptocurrency operations in the country before this moment. The cryptocurrency mining is also not regulated, as most miners are always harassed, threatened and battered by the police and government officials, claiming they might be working for the enemies of the state.
The conditions in the country were what made a section of the media to tag the country as the wild East of Cryptocurrency. But all that is about to change, as the government of Ukraine is ready to regulate the crypto space in the country.
A recent social media post by the National Securities and Stock Market Commission (NSMCS) indicated through a Facebook post that the Financial Stability Council is deliberating the introduction of a new set of rules for cryptocurrencies in the country.
The social media message by the head of the Securities Commission, Timur Khromaev reveals that the FSC is planning to view cryptocurrency as a “financial instrument” which would give leeway for organs of the government to enforce regulations. The rules would most likely involve but will not be restricted to licensing transaction participants and information disclosure conditions.” Khromaev believes that explaining the definition of cryptocurrencies will be a significant step in building a consensus among government parastatals and financial regulators.
Ukraine is not really enjoying the best of times, as it has been at war with the separatist’s movement in Eastern Ukraine and lost territory to Russia. All these led to the country having to depend on others for survival mainly. And as such, the new step is seen as a major leap in the right direction for the country.
With international pressure and the growing popularity for the regulation of cryptocurrency, he reiterated the need to regulate cryptocurrencies as it is crucial for the growth and development of Ukranian’s economy.
However, with most companies not knowing where the hammer will fall on them, most cryptocurrency establishments in the country are skeptical of the direction of the regulations and are currently holding their breaths. Guess the wild East is set to be normalized.

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