Ukraine’s capital market needs new opportunities: NSSMC discussed its development priorities with the business community

The Ukrainian capital market currently operates under conditions that are far from those typical of developed markets: a full-scale war, currency restrictions, limited access to international capital, and a high proportion of government bonds significantly influence its structure.

The NSSMC openly acknowledges these challenges. At the same time, the Commission is convinced that right now it is important not to wait for ideal conditions, but to consistently create tools and rules that will enable the market to grow today and lay the groundwork for its future expansion.

What this requires of the state, businesses, and investors was discussed during the KIEF TALKS event titled “Ukraine’s Capital Market: New Investment Instruments,” organized by the Kyiv International Economic Forum.

Participants in the discussion included Oleksii Semeniuk, Chairman of the NSSMC; Oleksandr Komarov, President of Kyivstar; and Serhii Fursa, Deputy Director of Dragon Capital. The discussion was moderated by Taras Kozak, Founder and President of the UNIVER Investment Group.

“I don’t want to create the illusion that there are no problems in the market. There are problems, and some of them have been building up for years, while others are the result of a full-scale war. But what’s more important to me is this: we understand exactly what needs to be changed. That’s why the Commission is currently engaging in extensive dialogue with businesses, investors, and industry professionals. We need honest feedback: where regulation creates unnecessary barriers, what tools are missing, and what prevents businesses from raising capital and people from investing. The regulator’s task is to listen to these concerns and, together with the market, turn them into tangible solutions,” said Oleksii Semeniuk, Chairman of the NSSMC.

From diagnosing problems to specific tools

Today, OVDPs (domestic government bonds) account for about 80% of the Ukrainian securities market. They play a critically important role in financing government needs and have become a well-understood investment instrument for the population. At the same time, for the market to continue developing, it is necessary to expand the range of instruments through which capital can work not only to meet the state’s needs but also to support the development of Ukrainian businesses, local communities, and the economy as a whole.

This is precisely what the NSSMC is focusing its efforts on today.

The Commission’s priorities include personal investment accounts, simplifying securities issuance procedures for businesses, developing corporate and municipal bonds, securitization and covered bonds, developing investment funds, establishing rules for the virtual assets market, and advancing the tokenization of real assets.

Some of these changes are already moving from the discussion stage to practical implementation. In particular, the Verkhovna Rada passed a law on securitization and covered bonds, which creates the legal framework for new mechanisms of long-term financing of the economy.

At the same time, the Commission is working to make regulations more understandable for businesses and to simplify access to the capital market in areas where the requirements do not compromise investor protection or market stability.

“We want to see more Ukrainian companies raising funds not only through bank loans but also through the capital market. But to achieve this, it’s not enough to simply tell businesses, ‘Go out into the market.’ We need to understand what exactly is holding them back. That’s why we meet with companies, analyze specific cases, and see which procedures we can simplify, where legislative amendments are needed, and where different regulatory practices are required. It’s impossible to develop the market without its participants,” emphasized Oleksii Semeniuk.

271,000 investors — and the potential is much greater

Another direction of work is to expand opportunities for retail investors.

As of 01 August 2026, there were 271,300 unique investors in Ukraine. Since the beginning of 2022, their number has increased nearly 12-fold, and since the beginning of this year alone, it has grown by another 43,300.

This dynamic shows that Ukrainians are interested in investing. The next step is to create more clear opportunities so that savings can be converted into long-term investments.

The NSSMC considers personal investment accounts to be one such mechanism. The rationale behind them is to encourage citizens to invest for the long term and to gradually build up domestic capital that can benefit the Ukrainian economy.

“I want as many Ukrainians as possible to have the opportunity to become owners of capital. I want people to be able not only to earn and save, but also to invest — in an informed manner, under clear terms, and with proper protection of their rights. This requires accessible tools, financial education, and, most importantly, trust. Trust cannot be established by a decision of the regulator — it is built through clear rules and their consistent enforcement,” said the Chairman of the NSSMC.

From dialogue with the business community to practical solutions

One example of this approach is the collaboration between the NSSMC and Kyivstar. In June 2026, the Commission and the company signed a memorandum of cooperation on the development of the Ukrainian capital market.

Today, the sides are working out the regulatory, legal, and organizational prerequisites for a mechanism that could eventually give Ukrainian investors the opportunity to gain access to Kyivstar Group Ltd. shares traded on Nasdaq.

For the Commission, this case is important first and foremost as an opportunity to test in practice what changes are needed to expand investment opportunities for Ukrainians. This is not about creating special conditions for a single company, but about finding mechanisms that can work for the market as a whole in the future.

We need to build the market together

The discussion at KIEF TALKS revealed that views on the pace and prospects of the Ukrainian capital market’s development may differ. Businesses expect simpler procedures, predictable rules, and real opportunities to attract financing. Investors need clear instruments, protection of their rights, and trust. The state needs domestic capital capable of driving economic growth and recovery.

For the NSSMC, this is precisely why dialogue with the market today is not a mere formality, but rather part of the process of implementing changes.

“I’m optimistic about the Ukrainian capital market, but this optimism must be grounded in hard work. We won’t change the market with a single decree or law. It’s a gradual process: listening to the business community, removing unnecessary barriers, creating new instruments, protecting investors, and seeing what actually works. Nothing will change if we do nothing. That is why our task today is to move forward step by step and involve everyone who is ready to build the market together with us,” concluded Oleksii Semeniuk.