NSSMC and IFC will support the development of securitization and digital capital market instruments in Ukraine

The National Securities and Stock Market Commission (NSSMC) and the International Finance Corporation (IFC), a member of the World Bank Group, in partnership with the Swiss State Secretariat for Economic Affairs (SECO), signed a cooperation agreement that provides for practical support for reforms of the Ukrainian capital market.

The document was signed by Oleksii Semeniuk, Chairman of the NSSMC, and Alejandro Álvarez de la Campa, Head of the IFC Representative Office in Ukraine.

The collaboration involves two areas: establishing a regulatory and operational framework for digital capital market instruments and developing the Commission’s capacity to implement these changes. This involves not only expert consultations but also working on a regulatory model, analyzing international practices, preparing the necessary documents, training teams, and supporting the implementation of new approaches.

A particular focus is on tokenization and securitization. The IFC will provide expert support to the Commission in developing and refining regulatory approaches to the digitization of capital market instruments, particularly tokenized assets, and will analyze opportunities for their practical application in Ukraine. Among the tasks are identifying regulatory gaps, drawing on international experience, and formulating rules that will both allow the development of new instruments and ensure investor protection.

Cooperation under the agreement will continue through 31 December 2029. Expected outcomes include new or improved regulations, practical recommendations for market participants, training activities, and strengthening the regulator’s institutional capacity.

“We are operating under conditions that can hardly be described as favorable for the development of the capital market. But challenging conditions cannot be an excuse for inaction. On the contrary, it is important now to establish the rules and infrastructure that will yield results in the long term. If we move forward consistently, engaging international partners, the professional community, the business sector, and other government institutions, change will happen. Our task is not to wait for the perfect moment, but to create the conditions for the Ukrainian market to become deeper, more technologically advanced, and more attractive to capital,” said Oleksii Semeniuk, Chairman of the NSSMC.

“Mobilizing private capital will be crucial for Ukraine’s recovery and long-term development. Establishing a modern regulatory framework for securitization and digital capital market instruments will help expand access to financing, attract new investors, and bring the Ukrainian market closer to international standards. The IFC is proud to support the NSSMC on this path,” said Alejandro Alvarez de la Campa, Head of the IFC Representative Office in Ukraine.

The sides also noted the importance of close cooperation among regulators, international partners, and market participants to advance reforms. The NSSMC supports an approach whereby the transformation of the capital market will be carried out in close cooperation with the National Bank of Ukraine, the Government, the Verkhovna Rada, international partners, and market participants. Joint efforts are an important prerequisite for implementing effective reforms and developing a competitive capital market in Ukraine.

For the NSSMC, the signing of the agreement marks the beginning of practical work on developing the regulatory decisions and tools necessary to introduce modern financial products and attract investment into Ukraine’s economy.