NKSCFR Will “Not Compete” for the Role of Crypto Market Regulator in Ukraine

• After the removal of the NSSMC as one of the regulators from the current version of the bill on virtual assets, the Commission will not fight for this role. This was stated by its representatives in a conversation with Incrypted.
• Instead, the NSSMC will focus on working within its existing authority.
• The agency noted that it has repeatedly “faced the situation when due to personal animosity of individual deputies created obstacles” in the work on market development.

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There is information circulating online that the National Securities and Stock Market Commission (NKSCFR) allegedly appealed to the government with a proposal to appoint another state body responsible for implementing the European MiCA regulation in Ukraine.

It should be noted that in the previous versions of the draft laws on virtual assets in Ukraine, the NCSSM was the main regulator of the market. However, the Commission disappeared from the latest version of the document — control over the market is distributed between the National Bank and some other body, which was to be determined by the Cabinet of Ministers.

Representatives of the National Commission on Securities and Stock Market did not confirm or deny the authenticity of the document circulated in the network. However, the agency emphasized that the bill No. 10225-d does not define the Commission as a regulator of the virtual assets market, so it “cannot yet be involved in developments in this direction.”

The agency also pointed out that repeatedly faced a situation when “because of personal animosity of individual deputies created obstacles, and political race became more important than the real work on market development.”

However, the Commission representatives added that they support the creation of a transparent and competitive market of virtual assets, which will comply with international standards and EU requirements, in particular MiCA regulations.

The issue of the main regulator of the cryptocurrency industry in Ukraine has been debated for years. At first, the Ministry of Digital Currency claimed this role, then — after President Zelensky’s veto — this role was assumed by the NSSMC.

However, the possibility of the National Bank potentially regulating not only a certain segment, but the entire industry was increasingly voiced.