The legalization of Cryptocurrencies are supported by Ukraine’s Cyberpolice

The Cybercrime department of Ukrainian Police has raised its hand to support for the legalization of cryptocurrencies despite sharing the concern, the cybercrime unite has also mentioned the necessity to regulate cryptos “as soon as possible”. The Ukrainian government is about to adopt new legalization between rising calls from other institutions in order to regulate the cryptocurrencies.

Legalize IT or Ban IT

Ukraine’s Cyberpolice Supports the legalization of cryptocurrencies in order to regulate at the legislative level all matters concerning to the use of cryptocurrencies. According to Sergei Demedyuk, head of the Cyberpolice department, regulations should be adopted as soon as possible. He also mentioned the necessity to change the law in order to tax the crypto related transactions. He also claimed that rules of operating cryptocurrency exchanges should be prepared.

Demedyuk warned:

“If authorities are unable to regulate the status of cryptos in the upcoming days, the state should officially ban their distribution. Then everyone will realize that buying and selling cryptocurrency in Ukraine will risk losing their financial investments irrevocably, in the absence of any protection or compensation.”

In the beginning of this month, the status of cryptocurrencies was discussed, meanwhile a meeting of National Cybersecurity Coordination Center in Kiev. The representatives of the security service took a closer look at the “uncontrolled circulation” of the cryptos in Ukraine. The Cybersecurity team decided to set up a special working group to complete the legal framework. It should assist other authorities in building foundations for the crypto market, through building procedures to monitor transactions and clarifying aspects of taxation.

The Secretary of the National Security Council of Ukraine Oleksandr Turchynov announced that the development of the cryptocurrency market cannot be ignored. The Minister of Justice of Ukraine Pavel Petrenko stated that Bitcoin must be brought into the legal field that government institutions should respond to the phenomenon. A request was sent to the president to legalize cryptocurrencies was filed on January 12.

While The National Bank of Ukraine remained opposed to cryptocurrencies, legislators have proposed two bills to regulate their status. The drafts have been advancing through commissions in the Rada since October. One of them aims to regulate the circulation of cryptos, and the other is created to encourage the cryptocurrency market and the trade of crypto derivatives. Proposed improvements to the tax code cover taxation aspects, with possible incentives for mining companies. The legalization of bitcoin, anyhow, may take times, since the government should prepare under statutory instruments to implement the law.