During a meeting regarding cybersecurity, Ukrainian National Security and Defense Council chief Oleksandr Turchynov stated the lack of regulation around cryptocurrency constitutes a threat to the nation and announced a new group to tackle regulating the technology.

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Officials from the National Bank of Ukraine, the National Securities and Stock Market Commission, the Ministry of Finance, and the National Police, among others, are all collaborating to create regulations for cryptocurrency.

“…the authorities were assigned to develop a mechanism for ensuring access of law enforcement bodies to the data of cryptocurrency exchanges with the obligation of the given subjects to store information about all transactions within the period established by law for financial institutions and disclosure of customer information on a motivated request,” said a statement by the government of Ukraine.

The statement later indicated that Ukraine’s central bank might create its own cryptocurrency.

“The National Bank of Ukraine is considering the relevance of establishing its own cryptocurrency,” the document stated.

The offered regulation enclosed requirements concentrated on the taxation and oversight of exchanges and involved a forethought concerning cryptocurrency mining in the nation.

At this time, there is no timeline set for these regulations to be passed into law.

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