The SSMCS or the Securities and Stock Market Commission of Ukraine will think about making out crypto or virtual currency as a monetary instrument. This is what SMMCS head of the department posted in FB last Tuesday.

Timur Khromaev, head of the commission (Securities and Stock Market Commission), made the statement in a social media post following the yearly conference of the IOSCO or International Organization of Securities Commissions on ICOs or Initial Coin Offerings and digital assets.

According to the head of the commission, the cryptocurrency business has growth considerably over the last 3 years, which cause the world of virtual currency to become an essential part of financial and economic relations not only in Ukraine but also to the other parts of the world most especially in America, UK, Russia, Japan, Korea and other countries. The commissioned of Securities and Stock Market Commission give emphasis to the requirement of legal recognition of virtual currency as well as adapting financial regulators position. According to Timur Khromaev, “the point of no return was in the past.”

The head of the commission also suggests that cryptocurrency assets as well as operations must be regarded in the existing legal framework on the grounds of the codes and standards behind the virtual currency, and not its type like digital or paper. He also added that the latest rules and regulations must think about the forceful nature of crypto or digital assets.

According to Securities and Stock Market Commission commissioner, the new laws for digital assets will be described and identified on a general level as. “still it is a long way off for worldwide standards”.

Ukraine on the other hand, has taken a tentative stance of digital currency or assets, specifically vis-a-vis, the central bank of Ukraine, NBU or National Bank of Ukraine. Last year, the National Bank of Ukraine issued a report regarding digital asset, claiming that no other exchange, currency or alternative currency with the exception of the national one can be used or issued as a type of payment in Ukraine. October of 2017, the National Bank of Ukraine reported that its HCE or High Council of Experts granted proposals to know the legal position of digital assets.

Months ago, the National Bank of Ukraine stated that they are proposing to launch a virtual type of the country’s national currency, and they called it hryvnia.