In an interview with Mind, Oleksii Semeniuk, chair of Ukraine's National Securities and Stock Market Commission, reviewed capital raising barriers as foreign funds in domestic capital markets stood at about UAH 18 billion, down from more than UAH 120 billion before the full scale war. Capital controls are among the factors constraining securities issuance and investment. The Commission is reviewing regulatory requirements with businesses to remove unnecessary issuance barriers and is developing legislation on personal investment accounts that would provide tax incentives for investment over the long term. Semeniuk identified defense technology, energy and municipal projects as potential areas for bond financing, including electricity generation owned by municipalities. For the proposed market infrastructure holding company, he reiterated support for attracting a strategic foreign investor through competitive selection, with the state retaining a blocking stake and strategic rights. A new exchange or holding company alone would not ensure market growth without new financial instruments, investor trust and simpler conditions for raising capital. Legislation on virtual assets is being prepared for a second reading. Semeniuk considered a Jan. 1, 2027, launch of the new regulatory framework unrealistic because implementing rules and a transition period would still be needed after the law's adoption.

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