Ukraine eyes cryptocurrency legalization
The National Bank of Ukraine (NBU) is ready to discuss the legalization of virtual assets, but they cannot be a means of payment and should not undermine the effectiveness of the NBU’s monetary instruments.
The relevant statement was made by NBU Governor Andriy Pyshnyy in an interview with RBC-Ukraine, CE Report quotes Ukrinform.
“It is important for us that our ‘red lines’ are clearly followed. Virtual assets cannot be a means of payment, and cannot in any way undermine the effectiveness of our monetary instruments. There should be no transfer of monetary powers and no undermining of the National Bank’s capabilities due to the legalization of virtual assets,” Pyshnyy stressed.
In his words, virtual assets should not become a tool for circumventing restrictions introduced during martial law to balance the monetary market and ensure a sufficient level of gold and foreign exchange reserves.
Pyshnyy emphasized the importance of providing regulators with a high level of authority to respond and take action for violations of consumer rights in the virtual asset market, as well as the need to have a sufficient level of competence for regulation and technical solutions for supervision.
“The legalization of virtual assets should also not undermine our effectiveness in ensuring financial monitoring,” Pyshnyy noted, adding that the legislation must implement the norms of the FATF standards and European regulations.
According to Pyshnyy, it would be an ideal solution if the legalization of virtual assets allowed the market to be de-shadowed. This would positively affect the assessment of Ukraine’s financial sector by Western partners.
“Perhaps we need to have a broader discussion – what exactly will encourage bringing out of the shadows those virtual assets that already exist and are owned today,” Pyshnyy concluded.
A reminder that, according to Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy Danylo Hetmantsev, Parliament will consider in the first reading a draft bill on the legalization of the cryptocurrency market as soon as this August.
