The Head of the National Securities and Stock Market Commission (NSSMC) Ruslan Magomedov expressed an optimistic view on the prospects for creating Ukrainian virtual assets. In his statement, he noted that the realization of this idea is possible with proper regulation.
This is reported by Business • Media
During an interview with the media agency “Interfax-Ukraine,” Magomedov emphasized that while he believes in a positive outcome, it is currently difficult to predict the timeline for the adoption of the cryptocurrency bill. According to him, it is likely that the bill will be approved in the first reading soon, but the timeline for its second reading remains unknown.
Regulatory Framework Based on MiCA Standards
Magomedov discussed the model developed by the NSSMC, which aligns with the MiCA regulation standards governing the crypto industry. This model was previously presented to the International Monetary Fund (IMF) mission and at a meeting of the Financial Stability Council of Ukraine.
“We propose regulation based on MiCA because we are moving towards the European Union and are candidates for membership. This is not about wanting to regulate anyone and tighten screws. We want to ensure that honest, legitimate businesses are protected from fraudsters,”
he noted. Additionally, the head of the Commission expressed readiness to assist in creating the first white paper in Ukraine and implementing asset-referenced tokens for enterprises planning to use these funds for development.
Regulatory Framework for Virtual Assets
Magomedov also mentioned that Ukrainian virtual assets could grant rights to a share in a business and the receipt of dividends. It was previously reported that a model for distributing powers between the NSSMC and the National Bank of Ukraine (NBU) regarding oversight of the crypto market was presented in Ukraine.
It is worth noting that the NSSMC plays a significant role in forming the regulatory framework for the virtual asset market. Bill No. 10225, which aims to amend the legislation and the Tax Code of Ukraine, is still under development. This document is based on a previous bill presented by the NSSMC but includes several amendments.