Ukraine Drafts Its Own BitLicense

Regulation | June 24, 2015 By:

Michael Chobanian, founder of the Kuna Bitcoin Agency and the Bitcoin Embassy in Ukraine, presented a report titled “Project for the Development of Bitcoin in Ukraine.” He submitted it at the extended session of the commission on the issue of individual payments board before the National Bank of Ukraine (NBU) held on May 27.

In his report to the central bank’s representatives, Chobanian discussed their mounting IT outsourcing figures in the FinTech initiatives, a large part of which is dedicated to Bitcoin, and other banking service applications.

Ukraine’s BitLicense draft in its current form would create a self-regulating organization (SRO) that would issue licenses to businesses dealing in cryptocurrencies.

The proposed Ukrainian Ordinance is almost a replica of New York’s BitLicense and it has received thumbs up from the financial sector, mainly the NBU and commercial banks in Ukraine.