Ukraine's Crypto Bill Nears Completion, Key Issues Remain Unresolved

The NSSMC, Ukraine's National Securities and Stock Market Commission, is nearing completion of its cryptocurrency bill. According to Oleksii Semenyuk, head of the NSSMC, the text of the bill is approximately 90% ready.

Semenyuk noted that the division of powers between state bodies has been fully agreed upon, with the NSSMC as the main regulator of the virtual asset market and a clearly reserved list of competencies for the National Bank. The classification of virtual assets in line with the European MiCA regulation has also been agreed upon.

The bill provides for a division into three categories: asset-referenced tokens, e-money tokens, and other virtual assets. Licensing rules for virtual asset service providers and prudential requirements have also been agreed upon, including capital requirements, safeguarding client assets, and financial monitoring procedures.

However, several sections of the draft law remain unresolved, including taxation and the legal status of cryptoassets in criminal and enforcement proceedings. Semenyuk emphasized that these issues are not within the NSSMC's remit but are essential for the law to work effectively.