Ukrainian Securities Regulator Envisions National Crypto Assets

The National Securities and Stock Market Commission of Ukraine (NSSMC) is developing a draft law on virtual assets, according to the regulator’s head, Ruslan Magomedov, in an interview with Interfax-Ukraine.

He stated that “the likelihood of Ukrainian virtual assets emerging is very high with proper regulation.”

Magomedov emphasized that the draft law “has been sitting on the desks of parliament members for over 1.5 years.” However, he believes the document could be passed in the first reading soon, though the timeline for final approval remains uncertain.

Magomedov noted that the NSSMC proposes regulating tokens tied to material assets (ART), while the National Bank of Ukraine (NBU) focuses on fiat-backed cryptocurrencies.

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

“We propose regulation based on MiCA because we are moving towards the European Union and are candidates for membership. This is not about over-regulating or tightening controls. We want honest, legitimate businesses to be protected from fraudsters,” Magomedov stressed.

The commission has also proposed a tax model for crypto assets, but the final decision rests with the parliament and the Ministry of Finance.

The head of the NSSMC believes that virtual assets represent the next stage in the evolution of the capital market. Companies will be able to attract investments through ICO instead of traditional IPO.

“I want to use the best of the crypto market, but within a regulated jurisdiction,” concluded Magomedov.

Back in March 14, the NSSMC proposed a cryptocurrency taxation matrix model.