Chairman of the NSSMC: The law on digital assets should be effective, not just formal

On 10 June, Chairman of the NSSMC Ruslan Magomedov took part in the biggest crypto event of the year – Incrypted Conference 2025. The event included a panel discussion on “Crypto Regulation in Ukraine: Latest News,” which was also attended by representatives who are already shaping Ukraine’s new digital economy. Among others, MP Yaroslav Zheleznyak and Chief Lawyer of the Project Office for the Development of the Digital Economy of Ukraine at the Ministry of Digital Transformation of Ukraine Dmytro Nikolaevskyi.

In his turn, the Chairman of the Commission once again emphasized that the regulatory agency is interested in approving a draft law on crypto assets that will work effectively and has nothing to do with its suspension. This is confirmed by the fact that it was the NSSMC that drafted the bill and submitted it to the Committee back in September 2023. Moreover, the text of the new 2025 bill is 70% consistent with the one previously proposed by the NSSMC.

However, the revised version submitted by the Committee for first reading contains 30% critical changes. In particular, the law does not guarantee the protection of investors’ rights, allows dubious structures to enter the market, and does not provide a basis for the development of this sector. That is why the Commission is putting considerable effort into creating a law that will actually work and will create favorable opportunities for business.

At the end of the panel discussion, the results of an audience survey were presented, according to which 61% supported regulation of this sphere in Ukraine. At the same time, according to the results of the survey, 16% of the crypto businessmen present trust the NSSMC as a regulator.

“To sum up, we are ready to work on the document before second reading. It is not about speed, but about quality, because our goal is to set clear rules, minimize risks, and maximize benefits for the market and the state,” concluded Chairman of the Commission Ruslan Magomedov.