Business news from Ukraine

NATIONAL COMMISSION FOR SECURITIES AND STOCK MARKET WANTS TO BE REGULATOR ON CRYPTOCURRENCY MARKET

A concept of regulating transactions with cryptocurrencies names the National Commission for Securities and the Stock Market of Ukraine the main regulator on the cryptocurrency market and authorizes the commission to license cryptocurrency exchanges and cryptocurrency exchange points, according to materials posted on the website of the commission. In particular, it is proposed that the National Commission for Securities and the Stock Market will classify and define tokens as financial tools, regulate the exchange and purchase and sale of cryptocurrency through cryptocurrency exchanges, as well as Initial coin offerings (ICO).
At the same time, according to the concept, State Financial Monitoring Service is authorized to supervise cryptocurrency exchanges, and the Ministry of Finance and the State Fiscal Service – to supervise payment of taxes on income from operations with cryptocurrencies.
In addition, the concept proposes to define the concept of a cryptocurrency and a token. In particular, the token is proposed to be considered a “centralized or decentralized unit of accounting, which is based on mathematical calculations using a computer network and has cryptographic protection.” “Cryptocurrency is a token that functions as a way of exchanging and preserving value,” the commission said on the website.

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ASSETS OF UKRAINAIN INSURERS IN STOCK MARKET INSTRUMENTS 18.8% DOWN IN 2018

The assets of insurance companies placed in the instruments of the stock market in January-March 2018 amounted to UAH 11.326 billion, which is UAH 2.625 billion, or 18.8% less than in the same period in 2017, member of the National Commission for State Regulation of Financial Services Markets Oleksandr Zaletov has told Interfax-Ukraine. According to him, due to regulatory requirements and stagnation of the national stock market, the volume of shares and corporate bonds in the structure of insurance companies’ assets is steadily declining. In the first quarter of 2018, investments in shares decreased by 23.7% compared to the same period in 2017, or by UAH 1.746 billion, in corporate bonds by 13.7%, or by UAH 126.5 million.
At the same time, Zaletov notes the growth of investing of insurers’ funds in government domestic loan bonds continues – by 15.5%, or by UAH 859.9 million. At the same time, income from investments in government domestic loan bonds for the period increased by 29%.
“The stability of the hryvnia and higher interest rates contributed to the growth of insurers’ national currency investments both in deposits and current accounts. But this did not save from the decline in the yield of this category of assets by 6.8%. In addition, investment in the economy of the country in the areas defined by the government rose by 54.8%, or UAH 150.5 million,” the expert said.

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