Ukraine is preparing for a systemic transformation of the digital asset market. The National Bank presented the concept of state control of the cryptocurrency market, which is based on European MiCA (Markets in Crypto-Assets) standards. The document was also submitted to the International Monetary Fund for review, which indicates the seriousness of the Ukrainian authorities' intentions to legalize cryptocurrencies. UNN asked fintech expert and co-founder of the first fintech ecosystem in Ukraine, Concord Fintech Solutions, Olena Sosiedka, what these changes mean for business, the state and Ukrainians.
Two regulators will work
The essence of the model that is proposed to be introduced in Ukraine is a two-level regulation of the crypto market. On the one hand, the National Securities and Stock Market Commission (NSSMC) will regulate all transactions with tokens. Its functions will include licensing, control over issuance, and verification of the activities of companies working with blockchain solutions.
On the other hand, the National Bank of Ukraine will be responsible for the circulation of electronic money and transactions for the exchange of cryptocurrencies for the national currency. Also, it is the National Bank that will set the requirements for financial monitoring of crypto transactions.
The model of dividing regulatory powers between the National Securities and Stock Market Commission and the NBU is a European standard. It allows for a clear separation of responsibilities and ensures a systematic approach to market regulation. We will finally move away from chaos and start moving towards clear, transparent rules of the game
Licenses, transparency and new requirements
After the legalization of cryptocurrencies in Ukraine, companies working with digital assets will be required to obtain licenses, disclose information about owners and ultimate beneficiaries, and report on the volume of their transactions.
In particular, licensing of companies that issue tokens or provide crypto services will be mandatory.
In addition, according to the fintech expert, KYC/AML standards will be introduced, i.e. mandatory verification of users and financial monitoring of transactions with digital assets.
Companies will also have to report on the ultimate beneficiaries and the volume of their assets.
Fiscal control and taxation will be introduced for crypto market players.
"For business, this will be a painful but necessary transition. Instead of working "at their own risk", companies will have the right to work openly, under the protection of the state. They will also have the opportunity to enter international markets," explained Olena Sosiedka.
Users will have more rights and more obligations
Enshrining the status of cryptocurrencies in Ukrainian legislation will change the rules of the game not only for businesses but also for ordinary Ukrainians who store assets in crypto or use it for payments, the fintech expert believes.
For example, the legalization of cryptocurrencies will allow to officially declare digital assets, transfer them by inheritance, and use them in civil law contracts.
At the same time, profits from trading crypto, its sales or exchange for hryvnia will be taxed. Currently, the tax rate is still being discussed, but the trend is obvious - shadow operations will cease.
After the legislative consolidation of the status of cryptocurrencies, their exchange for hryvnia will be possible only through verified platforms. P2P transactions without personal identification are likely to be prohibited or restricted, predicts Olena Sosiedka.
In parallel with restrictions and taxation, users' rights will become more protected. Official platforms will be required to provide customer support, insure risks and be responsible to the regulator.
"Users will be more confident in cryptocurrency as an asset. But in parallel, they will have new responsibilities - declaration, tax payment, verification. This is the price of a civilized market," says Olena Sosiedka.
Forecasts for 2025-2026
After the launch of the new regulatory system, the market expects a serious update, the fintech expert believes.
In particular, Olena Sosiedka predicts a rapid increase in the number of licensed companies. Most serious crypto market players will obtain Ukrainian or European licenses and start working openly.
As a result, the shadow turnover of digital assets will decrease. Anonymous transactions will lose relevance due to control by regulators and the impossibility of officially converting profits into fiat, i.e. into currencies that are a legally established means of payment.
The fintech expert does not rule out that Ukrainian banks will start creating their own digital products. We are talking, for example, about creating opportunities for users to store crypto, exchange it, or introduce tokenized securities.
After the legalization of crypto, a tokenized hryvnia will no longer be a fantasy. With the growing interest in CBDC (central bank digital currency - ed.), Ukraine may become one of the pioneers in launching a hryvnia stablecoin that will be officially backed
A chance to take advantage of
Ukraine currently has a unique chance to lay the foundation for a full-fledged, transparent crypto ecosystem oriented towards European standards.
"Those companies that are already preparing for the new rules will benefit the most. And the state will receive a new source of income in the form of taxes, investments and technological breakthrough," said Olena Sosiedka.
In the near future, we may witness a radical transformation of the financial market in Ukraine. The gray crypto market with minimal responsibility may change to a regulated space with clear rights, obligations and guarantees. And this is the case when all its players can win: business, the state and consumers.
Let us remind you
In February, it was reported that a virtual banknote will soon be legal in Ukraine. The head of the National Securities and Stock Market Commission, Ruslan Magomedov, told UNN correspondent that the bill has already been sufficiently processed and can and should be adopted by the deputies of the Verkhovna Rada. The purpose of legalization is to launch the virtual asset market.
The head of the subcommittee on the functioning of payment and information systems and the prevention of legalization (laundering) of proceeds of crime, Olga Vasilevska-Smagliuk, said that the Verkhovna Rada plans to adopt a bill on taxation of crypto assets by the end of this year. This will allow tracking transactions with cryptocurrencies, in accordance with European regulations.
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