Ukraine and Spain agreed on a new stage of cooperation: European expertise for capital market development and Ukraine’s recovery

Ukraine and Spain are moving beyond political dialogue towards practical cooperation in the development of capital markets. During a meeting between the National Securities and Stock Market Commission of Ukraine (NSSMC) and the National Securities Market Commission (CNMV), the two regulators agreed to strengthen their technical cooperation, work jointly on regulatory initiatives, advance digital financial technologies, and create new opportunities for attracting international capital to support Ukraine’s recovery.

This marks the beginning of a long-term partnership between the two regulators, enabling Ukraine to accelerate the implementation of European standards, benefit from practical regulatory expertise, and develop a modern capital market in line with international best practices.

“Today, the development of the capital market is no longer a matter of the future—it is one of the key prerequisites for Ukraine’s economic recovery. That is why it is important for us not only to learn from European experience but also to build lasting partnerships with regulators that have already gone through this process. Such cooperation will enable Ukraine to implement modern regulatory frameworks more rapidly, create a transparent and predictable environment for investors, and unlock new opportunities for attracting private capital into the Ukrainian economy,” commented Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission of Ukraine (NSSMC), following the meeting.

This new format of cooperation builds on Ukraine’s consistent efforts to reform its capital market, align its legislation with the European Union acquis, and expand international partnerships with leading European financial regulators. Today, this cooperation is moving into a practical phase—from the exchange of experience to the joint implementation of concrete regulatory initiatives.

European expertise to support Ukraine’s reforms

One of the main agreements was the organization of systematic technical cooperation between Ukrainian and Spanish regulators.

Experts from the CNMV will provide technical assistance to Ukrainian side on the implementation of EU legislation, the drafting of secondary legislation, and the sharing of practical experience in financial market regulation.

For Ukraine, this means the opportunity to implement reforms faster, relying on solutions that have already proven their effectiveness in the countries of the European Union.

Sandbox: innovation without many years of waiting

Particular attention was given to the development of a regulatory Sandbox— controlled environment in which innovative financial products and technologies can be tested under the regulator’s supervision before the necessary legislative or regulatory changes are made.

Spain has been successfully using this mechanism for more than six years to support the development of financial innovation. Ukraine is considering the possibility of implementing a similar model and has agreed with its Spanish colleagues on separate technical cooperation regarding its implementation.
This approach will significantly shorten the path from the emergence of a financial innovation to its full launch on the market.

Digital Assets and DLT: Ukraine integrates into the financial technologies of the future

A separate part of the discussions was dedicated to the digital capital market, the development of distributed ledger technology (DLT), and the implementation of the European Markets in Crypto-Assets (MiCA) Regulation.

The CNMV confirmed its readiness to organise consultations between relevant experts, provide practical experience in the implementation of the new European regulatory framework, and support Ukraine in developing a modern regulatory model for digital financial instruments.

“The future of the capital market is closely linked to digital technologies. We are already working on legislation on virtual assets, the development of DLT, and new financial instruments. It is essential for us that Ukraine does not lag behind these developments but implements them in parallel with European countries. That is why the CNMV’s practical experience is particularly valuable to us,” said Oleksii Semeniuk.

Ukraine’s recovery requires a modern capital market

Particular attention during the meeting was given to sectors that could become key drivers of economic growth and investment attraction in the coming years.

The Ukrainian side presented the potential of the defence industry (MilTech), the restoration of energy infrastructure, the development of securitisation, and other modern financial instruments capable of providing long-term financing for Ukraine’s recovery.

The parties agreed to continue their work in these areas and prepare detailed proposals for potential projects that could attract the interest of international investors.

The Next Step: A Joint Action Plan

Following the meeting, Ukraine and Spain agreed to develop a joint work plan for 2026–2027, outlining specific areas of cooperation, a schedule of technical consultations, and the implementation of joint projects. The parties will also consider the possibility of signing a separate Memorandum of Understanding (MoU) between the two regulators.

Why is this important?

The capital market is one of the key drivers of economic development in modern economies.
Precisely through him:
• businesses to raise long-term financing;
• governments to implement large-scale projects;
• investors receive transparent and understandable tools for investing funds.

The agreements reached between the Ukrainian and Spanish regulators extend far beyond professional cooperation. They provide Ukraine with access to practical European expertise, accelerate the introduction of modern financial instruments, create new opportunities for attracting international investors, and support the integration of Ukraine’s capital market into the European financial area.

In practical terms, this meeting marked the beginning of a new stage in the Ukrainian–Spanish partnership. Its outcome should be more than an exchange of experience or technical consultations—it should deliver concrete solutions that will help Ukraine integrate more rapidly into the European financial area, attract private capital for Ukraine’s recovery, and develop a competitive capital market as one of the key drivers of long-term economic growth.