According to a Ukrainian central bank official, overregulation in Ukraine is putting a ceiling on crypto development in the country. According to the director of strategy and reform department of NBU, Mikhail Vidyakin, too many institutions in Ukraine have been granted the authority to regulate crypto-currencies.
According to local crypto publication, LetKnow, the institutions that have the power to regulate crypto are; Ministry of finance, National securities commission, and the NBU. According to Mikhail Vidyakin, the number of regulators needs to be slashed in order to help the crypto industry soar to great heights.
On top of the slashing of crypto regulators, there also needs to be a clear regulatory framework in the country. Vidyakin further commented that he supports regulations that serve to grow the industry and that banks should support the Fintech sector too.
Ukraine, through the Economic development and trade ministry, had initiated a state policy for the legalization and classification of crypto-related activities in October last year. September of last year saw the Ukrainian parliament pass a draft bill on crypto taxation that would impose a 5 percent tax on crypto related operations and on virtual assets.
A Ukrainian ministry of finance is currently discussing matters crypto taxation