An official of the Ukrainian Central Bank believes that by over-regulating the crypto industry it will only prevent it from evolving and developing after he was speaking for the local crypto news media LetKnow yesterday.
Mikhail Vidyakin who is the director of the strategy and reform department of the Ukrainian Central Bank, says that there are many institutions in the country that have the authority to regulate cryptocurrencies and there are at least three government bodies that interfere with regulating the crypto industry.
For example, the NBU, the National Securities Commission and also the Ministry of Finance are working on regulating the industry and according to Vidyakin this needs to change and the regulators should be reduced.
He also thinks that Ukraine needs a better, improved regulatory framework and clearer definitions for the industry. The official has also pointed out that he does want regulation and thinks it is a good thing but not just any kind of regulation but such that will help the market to grow and to stimulate banks to interact with cryptocurrencies.
The Economic Development and Trade Ministry of Ukraine has started last year in October, a new state policy for classification and legalization of crypto-related businesses and activities. However, the legal framework was not introduced by the Ukrainian government.
Also, the parliament of Ukraine even proposed a draft bill on how should cryptocurrencies be taxed where they offered a 5% tax for individuals that use virtual assets. The profit rate for crypto-related business would be up to 18 percent.
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