In a column ahead of parliament’s second reading of virtual asset legislation, National Securities and Stock Market Commission of Ukraine Chair Oleksii Semeniuk set out the Commission’s proposal for allocating regulatory powers directly in law rather than through a later government decision. The Commission has submitted 80 comments and proposals supporting a sectoral model compatible with the European Union’s Markets in Crypto Assets Regulation, responding to an existing market used by an estimated 6.5 million Ukrainians with annual transactions of about USD 100 billion. Under the proposed model, the National Bank of Ukraine would retain responsibility for electronic money tokens, while the Commission would oversee other virtual asset categories, public offerings and admission to trading, and the authorization and supervision of service providers. Assets would be classified according to their economic substance, holder rights, issuance, circulation and risks rather than their technical label. Foreign providers would require national authorization and checks covering ownership, beneficial owners, capital sources and sanctions risks instead of receiving automatic recognition. The Commission is targeting adoption of the law in 2026 and has already established a dedicated virtual asset workstream. Implementation would then require secondary rules, registers, reporting systems and a business transition period. It also considers access to bank accounts necessary for authorized providers to operate within the regulated financial system.

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