Ukraine's central bank demands registration of Bitcoin businesses

Last updated on January 2nd, 2018 at 12:00 am

The National Bank of Ukraine (NBU) has decided that all businesses operating in the cryptocurrency ecosystem as payment systems or payment infrastructure services must register with the institution and follow the general law.

“The payment systems and operators of infrastructure services for payment systems only have the right to conduct activities in Ukraine after registering with the National Bank of Ukraine”, announced the authority.

Central Bank of Ukraine

Central Bank of Ukraine

In a statement quoted by the Ukranian site, the central bank also states that no other banks or legal organizations should be approached by these businesses when it comes to their registration process. In other words, the only way to do it is through the NBU.

The central bank’s first public Bitcoin-related announcement adds that the institution “did not address the banks or other entities regarding the registration of the payment systems”.

Besides, the institution is also warning the Ukrainian Bitcoiners about the “usual” risks of dealing with cryptocurrency, such as the volatility and the safety concerns. The NBU recalls that, despite its role as a regulator, the institution is not responsible for any loss associated with cryptocurrency that the users or investors might suffer.

Images from Wikimedia

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