Ruslan Magomedov on the future of crypto project licensing in Ukraine at the Incrypted Conference 2025

At the conference, the audience paid particular attention to the topic of risk minimization and future licensing of the cryptosphere. As noted by Ruslan Magomedov, Chairman of the NSSMC, the adoption of the law on virtual assets taking into account the proposals of the Commission will allow introducing clear rules of the game and effectively protecting investors.

In this context, he emphasized the importance of the NSSMC’s experience in identifying fraudulent investment projects. In particular, the Commission maintains a public list of SCAM projects, a tool that is already in demand among Ukrainian and international users and which helps avoid dubious investments.

Regarding the authorization of cryptocurrency exchanges and other market players, Ruslan Magomedov noted that discussions are currently underway regarding the licensing format, since the final text of the draft law needs to be revised. Much will depend on the regulatory model chosen by the state — in particular, on who will perform the function of the regulator.

“We advocate a balanced approach: harmonization with EU standards, which is expected by international partners, with sufficient flexibility for the market. And it is the Commission that can become the “golden mean” between all stakeholder positions to help launch the virtual asset market in Ukraine,” concluded the Chairman of the NSSMC.