Cryptocurrencies Should Be Considered as Financial Instruments, Ukrainian Securities Regulator Says
Timur Khromaev, the Chairman of the National Securities and Stock Market Commission (SSMCS) of Ukraine, said that cryptocurrencies should be recognized as financial instruments.
In a Facebook post, Khromaev said that the crypto industry has matured significantly over the course of the past three years, causing the crypto market to become an “integral part of economic and financial relations.” He noted the importance for global regulators to recognize cryptocurrencies as financial instruments and regulate them.
Part of the post read:
“The point of no return is already in the past. The crypto industry is becoming an integral part of economic and financial relations. I think it is very timely to consider the recognizing of some crypto units as financial instruments during the upcoming meeting of the Financial Stability Council (FSC).”
Khromaev also insisted that the FSC should lay out approaches to regulating crypto-related activities and initiate corresponding legislative procedures. According to the regulator, cryptocurrencies should be considered within existing legal frameworks, “based on principle and substance, not form.”
According to the SSMCS commissioner, the international community is far from adopting common rules and regulations for cryptocurrencies. That’s why he believes that regulations will be defined on a national level.
Earlier this year, head of the Ukrainian Cyber Police Department, Sergey Demediuk said it was necessary to regulate, at a legislative level, all matters pertaining to the use of cryptocurrencies.
“The current law needs to be amended in order to tax crypto-related transactions, and the rules of operating crypto exchanges have to be determined,” Demediuk said at the time.
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