The National Securities and Stock Market Commission (NSSMC) has officially stated that it will not compete for the status of regulator of the virtual assets market in Ukraine. Following the exclusion of the NSSMC from the current version of draft law No. 10225-d on virtual assets, the Commission will focus on its already defined powers.
This is reported by Business • Media
Reasons for Refusing the Regulatory Role
In previous versions of the draft law, the NSSMC was identified as the main institution for overseeing the crypto market. However, in the new version, this body has been excluded, and the distribution of control is carried out between the National Bank of Ukraine and another state body to be determined by the Cabinet of Ministers. At the same time, reports have emerged in the information space about the NSSMC’s appeal to the government proposing to appoint another body responsible for implementing the European MiCA regulation.
“The version of the draft law that the deputies approved in the first reading excluded the NSSMC as one of the regulators, so we will not compete for this role. Instead, we will focus on our core activities,” the Commission stated.
Current Activities of the NSSMC and Market Prospects
The institution emphasizes that it has repeatedly faced political obstacles while working on the development of the virtual assets market. According to Commission representatives, personal animosity from certain deputies has been the cause of barriers and a slowdown in reforms in the sector.
Currently, the NSSMC is engaged in modernizing the stock market, particularly through the introduction of new financial instruments such as individual investment accounts. This is intended to help businesses and investors generate profits, while also providing the state with additional revenue for the budget.
Despite the change in status, the NSSMC assures that it supports the creation of a transparent and competitive crypto market in Ukraine that meets international standards and the European MiCA regulation. At the same time, the question of determining the main regulator of the virtual assets industry remains open. Initially, this function was planned to be transferred to the Ministry of Digital Transformation, then — after President Zelensky’s veto — to the NSSMC, and now the possibility of transferring regulation to the National Bank of Ukraine is being discussed more frequently.