Ukraine needs to reduce the number of regulatory bodies entrusted with the task of state control over the cryptocurrency business, otherwise the industry will not get proper development. This was stated by the head of Department of strategy and reform of the banking system the National Bank of Ukraine (NBU) Michael Vidyakin, writes Cointelegraph.

“Crypto-currencies are not yet regulated by the legislation of Ukraine, but oversight of the industry are already too many regulators,” he said.

In his opinion, the weakening of institutional control and the openness of banks to financial technological solutions must precede the adoption of regulations for the legalization of digital assets.

“Banks need to be open to new channels of delivery of financial services, and the number of controllers is reduced. Only then you can move on to solving the problem of the lack of regulations and legal definitions for financial innovations”, — said the representative of the NBU.

We will remind, in October of 2018, the Ministry of economic development and trade of Ukraine has introduced the concept, according to which Ukraine would legalize cryptocurrencies in the next three years. While the legal status of cryptocurrencies needs to be determined in 2019, and the operations of trading platforms and exchange dealing with digital assets, will be settled by 2021.