Legalization of virtual currency in Ukraine: the National Securities and Stock Market Commission spoke about the preparation of the draft law
Kyiv • UNN
Ukraine is preparing a draft law to legalize virtual assets, which is based on the European MiCA directive. The NSSMC, together with the NBU, are working on the document to protect investors.
Since 2023, the Verkhovna Rada has had a bill that, if passed, would fully legalize virtual assets in Ukraine. Currently, the draft law is being finalized in the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, including representatives of the National Securities and Stock Market Commission (NSSMC), the National Bank, the Ministry of Finance, and the Ministry of Digital Transformation. This was stated in a commentary to UNN by the Chairman of the NSSMC Ruslan Magomedov.
Details
According to Magomedov, there is only one basic bill – No. 10225, which was developed by the NSSMC team.
Since the end of 2022, on the initiative of the Commission, an Advisory Council on the Regulation of Virtual Assets has been established. We gathered the public, government officials, people's deputies, the crypto community and, based on the results of these consultations, received the fundamental text. Currently, a working group based on the Committee on Finance, Taxation and Customs Policy has taken it as a basis and is actively finalizing it. It includes representatives of the NSSMC, the NBU, the tax committee, the Ministry of Finance, as well as the Ministry of Digital Transformation and others
He notes that the main goal for the NSSMC is that this bill protects not only non-professional investors from fraudulent activities and scams, but also "white" business. "Because we understand perfectly well that fraudulent schemes will primarily discredit it (the "white" business - ed.). Therefore, uniform transparent rules of the "game" are important. If we talk about the content of the bill, we proposed regulation based on MiCA (EU Regulation on Crypto-asset Markets). We are not talking about total "copy-pasting". We only borrowed the business logic and adapted it to Ukrainian realities. For example, liquidity ratios, penalty reserves, disclosure requirements, etc., which exist in other countries, certainly cannot be identically applied in our country," adds Magomedov.
A few days ago, the First Deputy Governor of the NBU, Kateryna Rozhkova, stated that the draft law on virtual assets in Ukraine with the distribution of powers of regulators will be prepared by October 2025 with the involvement of technical assistance from international partners, which will be based on the European MiCA directive.
The Chairman of the NSSMC stressed that he cannot comment on the specific position of Kateryna Rozhkova, because "NBU representatives are also working with us within the working group on a single draft law No. 10225".
"There is no global alternative from the NBU, apart from what the NSSMC has already proposed. However, I will not deny that colleagues from the NBU have made certain proposals, for example, in the context of currency supervision," adds Magomedov.
According to him, there are currently many manipulations and various statements, including from the chairman of the Committee on Finance, Taxation and Customs Policy, regarding who should regulate the virtual asset market and who should not.
Here it is worth separating personal opinion from the opinion of a parliamentarian responsible for the financial direction. Because the approach that regulation should differ depending on personal preferences or subjective assessment of the work of a particular body can hardly be considered a balanced position from the point of view of public administration. Since any Regulator is a global institution. In our work, we take into account international regulatory experience, not political interests. In addition, the Memorandum between Ukraine and the IMF clearly defines that the NSSMC together with the NBU will be responsible for regulating the market. So, the issue on the agenda now should be "how exactly to regulate", and not "who will regulate
The NSSMC, in compliance with the requirements of the Memorandum between Ukraine and the IMF, made a presentation of the distribution of responsibilities based on the EU experience according to MiCA standards, which was presented to the IMF mission, as well as during a meeting of the Financial Stability Board.
"We have also developed a matrix that contains a number of options for taxing virtual assets. I emphasize – options, because the NSSMC does not make decisions on taxation, this is the task of the relevant VRU committee with Danylo Hetmantsev and the Ministry of Finance, as the body responsible for the formation of tax policy. However, for our part, as the future regulator of the virtual asset market, we want to clearly show all scenarios to those responsible, so as not to harm potential market participants. After all, for example, the base rate applied to the net income (income - expenses) from the sale of bitcoin may ultimately give a lower tax amount to be paid than, for example, a rate of 5%, but to the income in the form of revenue from the same transaction. In general, we expect that the bill will be adopted in the first reading in the near future, but when in the second - that is already a question," Magomedov summarized.
Let's add
Fintech expert and co-founder of the first fintech ecosystem in Ukraine, Concord Fintech Solutions, Olena Sosiedka, in a commentary to UNN noted that the legalization of cryptocurrencies in Ukraine will bring systemic changes to the digital asset market. According to her, the reform will be based on the European model with the distribution of powers between the NBU and the NSSMC. This will bring order to the field of cryptocurrencies, where chaos currently reigns. Companies working with digital kiwis will be required to obtain licenses, disclose owners and undergo financial monitoring.
The rules for ordinary crypto users will also change. In particular, they will need to declare crypto assets, pay taxes and undergo verification. In return, the state will guarantee greater protection of their rights.
In the future, Olena Sosiedka predicts an increase in the number of licensed companies, a decrease in the shadow segment of digital assets and an increase in the work of Ukrainian banks to create new interesting digital products. The fintech expert is convinced that Ukraine now has a real chance to become a pioneer in the introduction of the hryvnia stablecoin and lay the foundation for a civilized crypto market that will be beneficial to both business and the state and citizens.
Let's remind
In February, it was reported that the virtual bill will soon be legal in Ukraine. The Chairman of the National Securities and Stock Market Commission, Ruslan Magomedov, told the correspondent of UNN that the bill has already been sufficiently worked out 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 Chairman of the Subcommittee on the Functioning of Payment and Information Systems and the Prevention of Legalization (Money Laundering) of Proceeds from Crime, Olha Vasylevska-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.