Already for a long time in Ukraine is the process of legislative consolidation of crypto-currency transactions. The country, following the chosen course of European integration, is set up for the legislative recognition of digital currencies, but faced a number of technical problems when developing the relevant regulatory legislation. This time problems arose with the definition of the legal status and nature of the digital currency.
Let's remind that recently two draft laws on regulation of the crypto-currency market were submitted for consideration by the main legislative body of the country. Both these projects consider digital currencies as a payment instrument. During the expert review of draft documents, the representatives of the domestic Securities Commission refused to support these bills. They motivated their decision by disagreeing with the formulations proposed in the drafts regarding crypto currency, as a payment instrument. According to the representatives of the Commission, after studying the digital currency units, they came to the conclusion that they do not fall under any established definition: they are neither a currency in the usual sense, nor a payment instrument, nor securities. They do not have a central issuer, they are not provided with values, and, based on an analysis of their nature, there is only a product of financial speculation.
According to the deputy head of the National Bank of Ukraine Oleg Chury, crypto-currencies have a very complex economic nature that does not allow developing an effective mechanism for its regulation. However, he insisted that work in this direction will continue, and, given the relevance of the topic, a final solution of this issue will still be found.