The Ukrainian central bank’s policy-making branch has urged the government to speed up the implementation of crypto law.
The governing council of Ukraine’s National Bank (NBU) asked Kyiv to speed up with its long-awaited regulation, encouraging the executive to “accelerate the preparation of legislation to regulate the cryptoasset market and transactions conducted using [cryptoassets],” according to an official statement.
The bank defended its position by claiming that legislation will assist to “minimize risks” and improve “macro-financial stability” in areas concerning “the rise of transactions using cryptoassets.”
The bank’s board was also directed to “examine the impact of cryptoassets transactions on central banks.”
The council specifically requested that the board investigate the impact of crypto on monetary policy, financial stability policy, payment technology development, and new regulatory procedures dubbed regtech, among other things. The board was given until December 1st of this year to submit its conclusions.
The NBU has become increasingly enthusiastic about the concept of regulating the industry, and draft legislation has identified the central bank as one among the organizations that may be involved in monitoring the sector.
It was previously stated that “legalizing” cryptocurrency will assist provide legal protection to users of cryptocurrency exchanges and other crypto-related businesses.
Earlier this year, the chief of the police department’s cybercrime branch urged for the legalization of cryptocurrency, alleging that it is being utilized in practically every type of crime.
Meanwhile, the government has taken a cautiously pro-crypto posture. In March, the country’s finance minister described crypto as “promising,” and attempts are underway at the country’s high-capacity nuclear power facilities to provide crypto miners with surplus nuclear power.