The Ukrainian National Securities and Stock Market Commission (SSMCS) will consider recognizing cryptocurrencies as a financial instrument, according to an announcement May 8.

The head of the commission, Timur Khromaev, made the announcement in a Facebook post following the annual conference of the International Organization of Securities Commissions (IOSCO) on crypto and Initial Coin Offerings (ICOs).

According to Khromaev, the crypto industry has developed significantly over the last three years, causing the crypto market to become an “integral part of economic and financial relations.” The SSMCS commissioner highlighted the necessity of legal recognition of cryptocurrencies and adapting the position of financial regulators. Khromaev said that, “the point of no return is in the past.”

Khromaev suggests that crypto assets and operations should be considered within existing legal frameworks on the basis of the principles behind the asset, and not its form i.e. paper or digital. He added that new regulations should consider the dynamic nature of digital assets.

Khromaev says that new rules and regulations for cryptocurrencies will be defined on a national level as “it is still a long way off [for] international standards.”

Ukraine has taken an uncertain stance on cryptocurrencies, particularly vis-a-vis Ukraine’s central bank, the National Bank of Ukraine (NBU). In August 2017, the NBU issued a statement on crypto, claiming that no other currency or substitute currency except the national one can be issued or used as a form of payment in the country. In October, the NBU reported that its High Council of Experts approved proposals to determine the legal status of crypto.

In January 2018, the NBU said it was considering launching a digital version of its national currency, the hryvnia.