“Right now in Ukraine there is a parallel financial system, given the level of crypto usage in Ukraine and its adoption by citizens — but in practice everyone suffers from this: the state, businesses, and citizens themselves, because in the absence of clear regulation, operating is not only unclear, but also risky.”
At the same time, he said, users already have access to a large number of products, so the task of regulation is, above all, to avoid restricting what already exists as much as possible.
Semenyuk emphasized that it is worth clearly distinguishing what exactly the law regulates, and outlined four blocks. The first is legal status: it fully defines the crypto landscape and the basic rules of the game, and it will then be supplemented by secondary legislation. The second is financial monitoring, which the law regulates only partially. The third is currency restrictions: the law does not regulate them, as this is the exclusive authority of the National Bank. The fourth is payment infrastructure: the law does not build the “rails,” but it regulates the rules for moving along them.
Yaroslav Zheleznyak added that when it comes to access to the banking system, not everything depends on the law on cryptocurrency regulation.
Therefore, the main challenge of legalization remains not so much the adoption of the law as the readiness of the banking system to work with the new market.
As a reminder, earlier we conducted a survey of business representatives about what they would like to see in Ukrainian legislation on cryptocurrencies.
This is only the first part of the stream. In the next panels, regulation was discussed with the legal community, and the broadcast concluded with a Q&A block from the community. Watch the full recording here on our YouTube channel.
