The Ukraine National Commission on Securities and Stock Market published remarks by its Chairman, Ruslan Magomedov, from a panel discussion on cryptocurrency, setting out the Commission’s vision for regulating Ukraine’s virtual asset market and its potential role as regulator. He framed regulation as primarily aimed at protecting investors and market participants from fraud rather than enabling business development. Work is underway to finalise draft law 10225 with the National Bank of Ukraine, the relevant committee of the Verkhovna Rada, and the Ministry of Digital Transformation. The draft is described as being based on MISA, with Ukraine drawing on its “business logic” while adapting it to local conditions and avoiding what he characterised as the EU’s harsher requirements. On taxation, Magomedov said the Commission is not proposing specific tax rates and is not discussing rates with the Ministry of Digital Transformation, pointing instead to the Verkhovna Rada’s relevant committee and the Ministry of Finance as responsible for tax-rate decisions. He also invited dialogue with the crypto community and proposals on the regulatory approach.
Ukraine National Commission on Securities and Stock Market 2025-02-06
Ukraine National Commission on Securities and Stock Market chair outlines draft law 10225 approach for regulating virtual assets
The Ukraine National Commission on Securities and Stock Market, led by Chairman Ruslan Magomedov, outlined its vision for regulating Ukraine's virtual asset market, emphasizing investor protection. Draft law 10225 is being finalized with the National Bank of Ukraine and other bodies, drawing on MISA while adapting to local conditions. Magomedov clarified that tax rate decisions are the purview of the Verkhovna Rada and the Ministry of Finance, and invited dialogue with the crypto community on regulatory approaches.