Ukrainian Cyber police Supports Cryptocurrency Legalization

Ukrainian Cyber police Supports Cryptocurrency Legalization

This year has not been an easy ride for cryptocurrencies as compared to 2017 when Bitcoin and other cryptocurrencies had a super bullish rally all through the year. A lot of authorities have been  The Cyber police arm of the Ukrainian national police has said it’s in favor of the full legalization of the cryptocurrency market.
The cyber police have declared that cryptocurrency can serve as electronic money; therefore it is good for it to be legalized.
Per Interfax Ukraine, the head of the Ukrainian Cyber Police Department, Serhiy Demediuk reiterated that:

“De facto, by all signs, the cryptocurrency can belong to electronic money – a unit of value stored on an electronic device and accepted as a means of payment. At the same time, control over its transaction is ensured by its cryptographic protection.
Thus, despite the fact that the   existence and circulation of the cryptocurrency is based on the foundations of a financial pyramid, the cyber police support the idea of the legalization of the cryptocurrency in Ukraine as well as the process of its mining (at least equating it to electronic means).”

The Cyber Police head also said that the plan of deploying blockchain technology in the Public and Private sectors of the Ukrainian economy is a welcomed development. In his words:

“Today there is a need to resolve at the legislative level the issues related to the use of the cryptocurrency as soon as possible, as well as the introduction of the necessary taxation of transactions on the purchase and sale of the cryptocurrency.
in addition, it’s necessary to determine the respective rules for the functioning of Ukrainian cryptocurrency exchanges and cryptocurrency exchanges points.”

Demediuk declared that all crypto exchanges in the country must conduct proper KYC/AML operations and ensure that all transactions involving virtual currencies are not done on a secret base, in essence, every single crypto transaction must be traceable to the owner of the address.

“If it is impossible to regulate the Cyber status of the cryptocurrency in Ukraine, the state should officially prohibit its turnover, so that everyone knows that by buying or selling cryptocurrency in Ukraine, they risk losing their financial investments irrevocably, without the right to protection and recovery of losses,” he said.

The official finally said that the Cyber Police Department is ready to work together with firms and Fintech companies in Ukraine, towards the successful legalization of the crypto ecosystem in Ukraine.