- The national bank of Ukraine is asking the state to hurry up with crypto legislation.
- The bank’s policy unit has also instructed the board to look into the impact of crypto in other countries’ central banks.
- The move is to help manage crypto risks better and protect crypto dealing customers.
The policy-making unit of the bank urged the state to hurry with its regulatory rules regarding crypto. To specify, they said to
“accelerate the preparation of legislation to regulate the crypto asset market and transactions conducted using [crypto-assets].”
Giving reasons for its interest in the matter, the bank stated that the asked-for legislation will help “minimize risks” and promote “macro-financial stability”. This is especially relevant to matters about “the proliferation of transactions involving crypto-assets.”
The department also instructed the bank’s board to look at the impact of crypto transactions on other countries’ central banks. This would help them make a better judgment call in the current case. In line with this, the council asked the board to look into the effect crypto can have on monetary policy, financial stability, payment technology development, and new regulation practices. For this, they’ve given the bank’s board a deadline of December 1.
The NBU has also announced earlier that crypto legalization would protect customers dealing with crypto exchanges and other related businesses. In fact, earlier this year, the head of the cybercrime police unit also asked for the same, so it could better manage criminal crypto offenders.
Overall, the government takes a positive crypto stance however they are still cautious.