Excessive regulation in Ukraine slows down crypto companies

A local report indicates that the excess of institutions with interference in the control of the cryptocurrency trade is preventing the development of Ukrainian companies

According to declarations of the director of the Department of Strategy and Reform of the NBU Mikhail Vidyakin, in Ukraine there are too many organisms that regulate the commercial activity with cryptocurrencies, which is holding back the development of the companies related to this sector.

The official of the Central Bank of Ukraine points out that among the agencies that hinder a harmonious advance of the crypto universe in the country are, precisely, the Central Bank, in addition to the Ministry of Finance and the National Security Commission.

Following the declarations of Vidyakin, a logical alternative is to reduce the regulatory bodies in addition to establishing a clearer regulation. For his part, the official “supports the regulations that allow the market to grow and that banks must be open to interacting with the state-of-the-art technology sector.”

In September 2018, the Ukrainian Parliament proposed a bill on taxation in cryptocurrencies that raised 5% for individuals and legal entities. A month later, the Ministry of Economic Development and Commerce initiated the state policy for the classification and legalization of the purchase, sale and commercialization of crypts.

Despite these advances, the government has not yet reached an agreement on the crypto legal framework, which restricts the development of companies that wish to participate in this market.


Source: Cointelegraph

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