The financial authorities of Ukraine support the regulation of cryptocurrencies

The national Bank of Ukraine, the national Commission on securities and stock market national Commission carrying out regulation in the sphere of financial services markets support the initiative to regulate the status and use of the cryptocurrency in Ukraine.

The regulators stressed that the complex legal nature of cryptocurrencies does not allow to recognize them either in cash or currency and means of payment of another country or monetary value or electronic money, no securities, no cash substitute.

Ministry of Ukraine continues to work on the issue of the legal status of cryptocurrencies and legislative settlement of transactions with them, focusing on the position of regulators in other countries and recent trends in the development of such technologies.

«The purpose of this resolution is to protect the rights of consumers, combating money laundering and other illegal actions, identification of entities of operations (financial monitoring), the taxation of income received, Declaration, etc.» – said in a statement.

At the same time, regulators have warned that any activities related to the operations of purchase, sale, exchange or convert to a cryptocurrency that involve risks:

«All those who invest in cryptocurrency should be aware that will perform this operation at your own risk».

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