Ukraine National Commission on Securities and Stock Market presents MiCA-based model splitting virtual asset supervision with National Bank of Ukraine

The Ukraine National Commission on Securities and Stock Market presented the Financial Stability Council with a proposed model to allocate regulatory roles between the NSSMC and the National Bank of Ukraine (NBU) for the regulation of virtual assets, in line with commitments under Ukraine’s Memorandum with the International Monetary Fund. The model is based on an analysis of European Union practice under Markets in Crypto-Assets (MiCA) standards and had previously been shared with an IMF mission. Under the proposal, the NSSMC would supervise the issuance, public offering and admission to trading of all tokens other than electronic money tokens (EMTs), authorize and supervise asset-linked token (ART) issuers, authorize and supervise virtual asset service providers except those providing exchange of virtual assets for money, and conduct anti-abuse oversight for all tokens except EMTs. The NBU would supervise the issuance, public offering and admission to trading of EMTs, authorize and supervise EMT issuers and service providers that exchange virtual assets for money, and counter abuse related to EMTs. Separately, the NSSMC noted it recently presented a virtual asset taxation matrix intended to support a working group of the Verkhovna Rada Committee on Finance, Tax and Customs Policy in assessing risks and selecting a national taxation model for the virtual asset market.