The National Commission on securities and stock market of Ukraine (NSSMC) currently, there are no powers for control and regulation which has become popular in recent years Initial Coin Offering (ICO), although its characteristics, ICO is very close to the IPO – Initial Public Offering relating to the responsibility of the securities Commission, said the head of the regulator Timur Limp.

“The obvious analogy is with the IPO and financial instruments… But this is very similar to Forex on our garbage securities. While we accumulate complaints: police powerless to help,” he said in the Ukrainian financial forum, organized by the ICU group in Odessa.

So Limp explained that the level of investment literacy of the majority of Ukrainians is limited knowledge about the deposits and real estate, so they are desirable customers for unscrupulous schemes .

In this regard, he noted that there were significant disadvantages ICO – lack of protection of rights of investors, all the necessary information and financial reports, and unclear pricing.

In the discussion about the prospects of ICO and cryptocurrency So Limp said he did not consider it necessary to ban such tools, but insists on the need to provide the securities Commission with the necessary powers to regulate and better informing potential clients about all the risks of loss.

He added that the technology of automation of transactions, the blockchain is very interesting, and the Commission will continue its study and familiarization with the international experience of its application for possible implementation in Ukraine.

Deputy head of the National Bank of Ukraine Oleg Churiy, who also participated in the discussion, pointed out that the NBU together with other regulators, continues to search the consolidated answer to the question: “what is this (bitcoin and other cryptocurrencies – if) is and what to do with it”.

“Many regulators (in the world) did not reach the question of what it is, therefore, not concerned with what to do with it,” he said, in particular, O. CORI.

He stressed that the national Bank for sure does not consider bitcoin a currency, as there is no Central Issuer of the asset and may not recognize it as a means of payment, which in Ukraine, according to the law, is the hryvnia.

Deputy head of the NBU noted that the formulation of the question of the status of crypto-currencies, you must also connect the FIU, the Ministry of Finance and state fiscal service.