The NSSMC supports the development of the virtual assets market through high quality regulation

The Commission fully supports the development of the virtual assets market through the implementation of high-quality legal regulation. We are convinced that Ukraine needs modern legislation that stimulates innovations, guarantees the protection of investors, transparency of market operators and alignment with international standards.

With this in mind, the Commission has officially submitted to the Verkhovna Rada of Ukraine its suggestions to the draft law No. 10225-d. The document contains 80 suggestions and corrections that are important for the stable functioning of the market.

Among key suggestions — designation of the regulator in accordance with the MiCA standards, taking into account best international practices where the regulatory function is performed by an agency responsible for capital markets. Also, a suggestion made to prohibit an automatic market authorization on the Ukrainian market of the issuers and service providers (CASP) without national authorization because the jurisdictions allowed for by this draft law do not contain a general prohibition for residents of the aggressor state to be issuers or beneficiaries of VASP.

Moreover, have been amended suggestions on the regulation of smart contracts and the definition of control over means of access to virtual assets, as well as another suggestion has been added, to expand the limits on using tokens in exchange operation for goods and services, which is not covered by the current version of the draft law.

A full list of suggestions and corrections is published following the link.

The NSSMC has been actively participating in this process and supports the idea of signing the draft into law, and we are interested in making it genuinely effectual, balanced, and useful for the state, business, and citizens.

We would like to especially emphasize that the NSSMC has nothing to do with the possible prolongation or blocking of the consideration of the draft law in the Verkhovna Rada because the Commission is not invested with such authority.

The Commission remains open to dialogue with the Members of Parliament, market operators, and all stakeholders in order to get high-quality legislation signed into law as soon as possible.