NSSMC outlines development of the Bitcoin market in Ukraine

Further development of the digital asset industry in Ukraine requires clear and transparent rules. This was stated by Ruslan Magomedov, chairman of the NSSMC.

The head of the agency confirmed plans to implement the provisions of the European regulation MiCA in the law ‘On Virtual Assets’.

“The document is currently at the final stage of negotiations; after that we will publish it and await market feedback. Our task is to systematize and generalize the rules, and beyond that, it is up to the business,” Magomedov stressed.

According to Commission member Yuri Boyko, the ideal formula for regulating the crypto market should strike a balance between the interests of society and the state.

“Overly strict ‘rules of the game’ could adversely affect the development of the virtual assets and blockchain technologies market. On the other hand, we understand that broad ‘self-regulation’ of the market could cause substantial harm to investors, whose assets must be protected,” he added.

Earlier, the National Bank of Ukraine again stated that cryptocurrencies are not considered a means of payment and advises citizens to consider the risks when dealing with this instrument.

Earlier, authorities are considering implementing only the basic norms of MiCA into the law ‘On Virtual Assets’.