Ukraine National Commission on Securities and Stock Market submits MiCA-aligned proposals to parliament for the virtual assets bill

The Ukraine National Commission on Securities and Stock Market (NSSMC) has formally submitted its proposals to the Verkhovna Rada on draft law No. 10225-d, seeking to shape Ukraine’s legislative framework for virtual assets in line with international standards and investor protection objectives. Key proposals include defining the competent regulator in accordance with Markets in Crypto-Assets (MiCA) standards and international practice, under which the capital markets authority performs the regulatory function. The NSSMC also proposes banning the automatic admission of token issuers and crypto-asset service providers (CASPs) to the Ukrainian market without national authorisation, citing that the jurisdictions referenced in the draft do not have a general prohibition on residents of the aggressor state being token issuers or beneficiaries of virtual asset service providers. Further changes finalise approaches to smart contract regulation and clarify control over the means of access to virtual assets, and would expand the ability to use tokens in exchange transactions for goods and services, which the current draft does not regulate. The Commission published a full list of comments and emphasised it has no powers over any suspension or blocking of parliamentary consideration of the draft law, while remaining open to dialogue with lawmakers and stakeholders.