Ukraine Forms A Crypto Oversight Working Group

There is a new group being formed in Ukraine – with a main aim of working on cryptocurrency regulation.
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According to an official statement by the country’s government, Ukraine’s cybersecurity and infrastructure matters were ‘lacking regulation’ which is why the government decided to take action.

The National Security and Defense Council chief Oleksandr Turchynov is the first person who remarked that a lack of regulation in the tech space could possibly be a threat to the country’s economy and security, according to the statement.

The group’s creation will be composed of officials from bodies including the National bank of Ukraine, the Stock Market Commission, the National Police, the Ministry of Finance and the National Securities – comprised of individuals who will determine which agencies will have jurisdiction over the domestic crypto market.

The statement goes on to read:

“Moreover, the authorities were assigned to develop a mechanism for ensuring access of law enforcement bodies to the data of cryptocurrency exchanges with the obligation of the given subjects to store information about all transactions within the period established by law for financial institutions and disclosure of customer information on a motivated request.”

What’s interesting for many is that the statement also indicates a potential cryptocurrency to be issued by the National Bank of Ukraine in the future. As it reads, “The National Bank of Ukraine is considering the relevance of establishing its own cryptocurrency”

It is certain that a bill in front of the Ukraine legislature would bring a lot of crypto exchanges under the bank’s oversight. However, people should know that the proposed legislation would be focused on taxation, even though it hasn’t passed into the law yet.