The Ukraine National Commission on Securities and Stock Market, in an interview given by Chair Oleksii Semeniuk, provided an update on the state of Ukraine’s capital market and the regulator’s main priorities. The central message was that the market is active but structurally constrained: its volume exceeded UAH 2 trillion last year and its ratio to gross domestic product rose to 24% from 12%, but about 85% of the market is concentrated in domestic government bonds. Against that backdrop, the Commission is focused on broadening the market beyond sovereign funding by creating conditions for corporate bonds, equities, investment funds and other instruments that can channel long-term private capital to business. A major part of the interview addressed foreign investment and wartime currency restrictions. The Commission is in a separate professional dialogue with the National Bank of Ukraine on ways to gradually expand access for long-term capital without creating additional financial stability risks. One approach under discussion is phased opening for foreign investors with safeguards, including temporary limits on capital outflows after investment, alongside broader financing options for Ukrainian companies such as foreign-currency bonds issued by firms with transparent structures and sound business reputations. Semeniuk also said reconstruction will require large-scale private investment, highlighted military technology, information technology, agriculture and rebuilding projects as areas with potential, and said the Commission is already developing funding mechanisms for defense technology through venture collective investment institutions. On virtual assets, Semeniuk said the draft law has passed first reading and is being prepared for second reading, with work still focused on two key issues: the allocation of regulatory powers and the taxation model. The proposed framework would place electronic money tokens under the National Bank of Ukraine, while other categories of virtual assets would fall under the Commission. He said the Commission has begun building the internal capability for that role and expressed hope that the law will be adopted this year. Separately, the Commission is working with the relevant parliamentary committee on updating the legislation for collective investment institutions and aligning it further with European rules.
Ukraine National Commission on Securities and Stock Market2026-07-27
Ukraine National Commission on Securities and Stock Market outlines capital market priorities, says virtual assets law is nearing final stage
In an interview, the Ukraine National Commission on Securities and Stock Market said Ukraine’s capital market is sizable but structurally narrow, with about 85% concentrated in domestic government bonds, and set out priorities to broaden instruments and attract private capital. Chair Oleksii Semeniuk also said the virtual assets bill is nearing its final stage, with regulatory powers and taxation still to be settled. The Commission is also discussing gradual, safeguard-based easing of currency restrictions with the National Bank of Ukraine to support long-term foreign investment.