Ukraine Proposes Cryptocurrency Market Regulation Model

The Financial Stability Council (FSC) held a meeting where one of the key topics was the regulation of the digital asset market in Ukraine.

The meeting featured a presentation on the distribution of responsibilities between the main regulators — the National Securities and Stock Market Commission (NSSMC) and the National Bank of Ukraine (NBU).

The decision to work on this model is linked to fulfilling the requirements of the Memorandum between Ukraine and the IMF.

The developed concept is based on European standards MiCA and was previously presented to the International Monetary Fund.

According to the proposed model, the NSSMC is responsible for overseeing the issuance and circulation of tokens, excluding electronic money.

The agency will regulate the activities of asset issuers tied to real value, as well as service providers related to virtual assets (excluding fiat exchange operations). The regulator will monitor and prevent market abuses.

The NBU is proposed to regulate the issuance and circulation of electronic money, oversee their issuers, and control exchange operations. Its responsibilities will also include combating violations in this sector.

Earlier, on March 14, the NSSMC proposed a cryptocurrency taxation matrix model.