Semeniuk: regulation of the virtual assets market should protect the investor, not hinder business development

The National Securities and Stock Market Commission continues an open dialogue with the professional community regarding the future regulation of the virtual assets market in Ukraine.

During a meeting between business representatives and Oleksii Semeniuk, Chairman of the NSSMC, the participants discussed practical aspects of implementing the draft Law of Ukraine No. 10225-d, which is intended to establish a modern market regulation model in Ukraine in accordance with the EU MiCA Regulation.

According to Oleksii Semeniuk, the Commission’s main task is to create clear and predictable rules that will ensure investor protection without hindering innovation development.

“The rules should be the same for everyone and known in advance. At the entry point, the state is a partner. After authorization — it’s a supervisory athority. This isn’t a contradiction; it’s consistency.”

The Chairman of the Commission emphasized that the NSSMC is already working on the regulatory framework needed to launch the new market. Once the law is adopted, the Commission plans to draft approximately 18 secondary legislative acts, most of which are already being prepared in line with EU practices and MiCA requirements.

During the meeting, special attention was given to the digitization of regulatory processes. The Commission is working to maximize the automation of procedures, implement the “single window” principle, introduce modern digital services, and utilize artificial intelligence tools to improve regulatory efficiency.

Oleksii Semeniuk also invited market participants to begin contributing to the drafting of the secondary legislative acts already now.

“The market bypasses rules written in the office. The market follows rules written in collaboration with the market. That is why we work with the business community before a law is passed, not after—when all that’s left to do is explain it. Ukraine should be a jurisdiction that people choose, not one they tolerate.”

During the discussion, participants also addressed issues related to the licensing of service providers, information security, the NSSMC’s cooperation with the National Bank of Ukraine and other government agencies, the specifics of market supervision, international cooperation with European regulators, and the need to provide for a reasonable transition period for companies already operating in the Ukrainian market.