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The Ukrainian government is inhibiting the development of the domestic crypto sector
According to a high-level employee of the Ukrainian central bank (NBU), excessive regulation in Ukraine prevents the development of the cryptocurrency industry in the country, according to the local cryptocurrency news portal.
Mikhail Vidyakin, director of the strategy and reform department at the NBU, believes that there are too many institutions in the country that have the power to regulate cryptocurrencies. There are at least three government organizations in Ukraine that fall under this definition: the NBU, the Ministry of Finance and the National Securities Commission. "In order to support the development of industry, the number of potential bodies regulating the crypto sector must be reduced," says Vidyakin.
In addition, Vidyakin believes that Ukraine needs a more transparent legal framework for the crypto, along with better definitions for this industry. NBU official said further that he supports the rules allowing market growth, and that banks should be open to interacting with the fintech sector.
As reported by financial media in October last year, the Ministry of Economic Development and Trade of Ukraine has already initiated a state policy regarding the classification and legalization of activities related to cryptography. However, the actual legal framework has not yet been introduced by the government. In September 2018, the Ukrainian Parliament proposed a bill on the taxation of cryptocurrencies, which proposed the introduction of a five-percent tax for natural and legal persons conducting operations using virtual resources. The bill also proposed raising the tax rate on profits related to cryptography to 18 percent for companies, starting from January 1, 2024. In the meantime, the working group at the Ukrainian Ministry of Finance discusses guidelines on the taxation of cryptocurrencies.
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