Ukraine Lead the Crypto Regulatory Idea

Ukraine has stepped forward and made some important progress on regulating the cryptocurrency sector.

According to investing.com Timur Khromaev head of the National Securities and Stock Market Commission (NSSMC) said in Facebook (NASDAQ:FB) post on Friday that a new crypto regulation plan has been supported by the government.

The plan establishes the recognition of specific categories of cryptos as financial instruments and also establishes the functions and the roles of the government tools in regulating these instruments.

In addition, the government also gives the license to transaction participants to disclose conditions and defying information.

This plan was created by a body that includes officials from regulatory authorities such as a National bank of Ukraine, Ministry of Finance, National Securities Commission the Deposit Guarantee Fund and called Financial Stability Council.

Khromaev commented.

“This is an important first step in building a consensus among government agencies and financial regulators which confirms the readiness to work with the Verkhovna Rada [the unicameral parliament of Ukraine] and the crypto market on forming a legislative and a regulatory framework that will ensure transparency and quality of relations between investors and crypto market participants,”

Now according to Ukraine’s local media reports the country is at the top 10 by a number of digital coin users on the world.

Meanwhile, also Ukraine is starting to grow as a very productive and attractive pool for crypto miners.

Last month they announced that they do not have any plans in place to regulate or require a license for mining cryptos.

The announcement came from the country’s State Service for Special Communications and Information Protection