Full readiness for the start: the NSSMC will show the text of the law on virtual assets

The NSSMC (National Securities and Stock Market Commission), side by side with international partners, worked fruitfully on the development of the draft law on virtual assets, which implements the European MiCA (Markets in Crypto assets) regulation, and will soon publish the text for public discussion with the market community and representatives of relevant state bodies.

Ukraine is an associate member of the European Union and actively cooperates with the EU in the field of financial services regulation. Therefore, European integration is a signpost for the note of the virtual assets market. Already now, our country can become the first state in Europe to introduce MiCA into the legal field, because no jurisdiction has done this yet.

Thus, experts of the NSSMC in cooperation with EY in Ukraine (Ernst&Young) with the support of the USAID Financial Sector Reform project will soon publish the results of their work on changes to the main law on virtual assets, namely the introduction of the MiCA regulation in the Ukrainian plane.

In the process of developing the base on the market of virtual assets, the NSSMC comprehensively improved its knowledge in this direction. The representatives of the NSSMC held a number of consultations with European colleagues, in particular, with DG FISMA (Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission) regarding the methodology for the classification of virtual assets and control over activities on virtual asset markets. And also gained experience in the OSCE in reducing money laundering risks associated with virtual assets.

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