The National Bank of Ukraine (NBU) has come forth with a statement on bitcoin, and they’re telling citizens of the usual risks echoed a good number of times now from central banks around the world — warning that the bank shall not be responsible for the loss of any digital currency holdings.
But perhaps more interesting is a call for bitcoin businesses that work as payments systems to register with the NBU:
In accordance with Article 9 of payment organizations payment systems, payment systems participants and payment infrastructure service operators have the right to perform activities in Ukraine only after being registered by the National Bank of Ukraine.
In other words, failing to register would mean that the business is breaking the law, quite obviously. The news was reported by AIN.UA, who also notes that businesses should not attempt to register or make arrangements to become compliant with any other entity aside from the NBU itself.
The situation is similar here in the United States, which requires money transmitters to register with the U.S. Department of the Treasury’s FinCEN (Financial Crimes Enforcement Network) in order to remain compliant.
More and more central banks are beginning to take a closer look at bitcoin and other digital currency as their use becomes widespread. Regulation is expected to become commonplace moving forward as nations attempt to prevent money laundering and crime funding.