The National Securities and Stock Market Commission of Ukraine published an update on its engagement with companies serving Ukrainian users as it prepares the future regulation of virtual assets. Discussions are testing how prospective rules would operate in practice, with a focus on clear authorization requirements, stablecoin classification, foreign exchange controls and a legal pathway for international crypto platforms to operate in Ukraine. The commission and Trustee Plus agreed that authorization and supervision should be clear and predictable, while the classification criteria for stablecoins as EMTs or ARTs require further legal work because they determine requirements for issuers, reserves and service providers. Further dialogue is needed on foreign exchange controls, including when transactions may be stopped, who makes those decisions and providers’ resulting responsibilities. The meeting also considered jurisdiction-specific products and restrictions as a model for authorizing global platforms, including those that may continue to serve Russian clients. A working group of market representatives was proposed to provide practical input on implementing regulations covering authorization, prudential requirements, supervision and sanctions after virtual asset legislation is adopted. The commission will continue meetings with businesses and professional bodies and involve them in discussions on these secondary rules.

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