{"id":1183938,"date":"2026-07-27T13:56:31","date_gmt":"2026-07-27T10:56:31","guid":{"rendered":"https:\/\/www.nssmc.gov.ua\/?p=1183938"},"modified":"2026-07-27T15:12:13","modified_gmt":"2026-07-27T12:12:13","slug":"ua-oleksii-semeniuk-ukraini-potriben-rynok-kapitalu-zdatnyi-zaluchaty-pryvatni-investytsii-u-vidnovlennia","status":"publish","type":"post","link":"https:\/\/www.nssmc.gov.ua\/en\/ua-oleksii-semeniuk-ukraini-potriben-rynok-kapitalu-zdatnyi-zaluchaty-pryvatni-investytsii-u-vidnovlennia\/","title":{"rendered":"Oleksii Semeniuk: Ukraine needs a capital market capable of attracting private investment for reconstruction"},"content":{"rendered":"

Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission, gave an extensive interview <\/a>to LIGA.net, in which he discussed the state of the Ukrainian capital market, dialogue on foreign exchange restrictions, prospects for attracting foreign investment, the future regulation of virtual assets, and the Commission\u2019s priorities.<\/p>\n

One of the key points of the discussion was that the Ukrainian capital market exists and it is substantial in size, but remains structurally limited. Over the past year, its volume exceeded 2 trillion UAH, and its ratio to GDP rose from 12% to 24%. At the same time, government bonds (OVDPs) account for about 85% of the market.<\/p>\n

\u201cThe Ukrainian capital market isn\u2019t nonexistent, it is rather limited,\u201d<\/em> Oleksii Semeniuk emphasized.<\/p>\n

Capital market: next step \u2014 more instruments and private capital<\/strong><\/p>\n

Today, domestic government bonds (OVDPs) remain, as expected, the main instrument of the Ukrainian market. Amid a full-scale war, they play a vital role in financing the state\u2019s needs and maintaining macrofinancial stability.<\/p>\n

At the same time, a strategic objective is to expand the market structure: to create conditions for corporate bonds, shares, investment funds, and other instruments through which Ukrainian businesses can raise long-term capital.<\/p>\n

The underdeveloped stock market remains a distinct historical challenge. According to the NSSMC Chairman, its current state has been shaped to a large extent by the Soviet legacy, the privatization processes of the 1990s, and the lack of an established culture of public companies and corporate governance.<\/p>\n

Foreign investment: An investor needs to understand not only how to enter the market, but also how to exit it<\/strong><\/p>\n

One of the key topics of the interview was currency restrictions and their impact on investment.<\/p>\n

The Commission is engaged in a separate professional dialogue with the National Bank on this issue. Oleksii Semeniuk emphasized that during wartime, foreign exchange restrictions are a necessary tool of macrofinancial stability. At the same time, it is important to gradually search for solutions that will allow more opportunities for long-term capital without creating additional risks for the financial system.<\/p>\n

\u201cA foreign investor is effectively unable to enter Ukraine today because they see no way how to repatriate their capital. It\u2019s a vicious cycle: money isn\u2019t coming in because it can\u2019t get out,\u201d<\/em> said the NSSMC Chairman.<\/p>\n

One possible approach could be to gradually open up access to foreign capital with safeguards in place, such as temporary restrictions on the withdrawal of funds after an investment was made. Such a model could limit short-term speculative capital while creating clearer conditions for long-term investors.<\/p>\n

For Ukrainian businesses, gradual liberalization could also expand opportunities to raise capital, particularly through the issuance of foreign-currency bonds by companies with transparent structures and a solid business reputation.<\/p>\n

Ukraine\u2019s recovery will require private investment<\/strong><\/p>\n

Once the active phase of the war is over, Ukraine\u2019s reconstruction needs will amount to hundreds of billions of U.S. dollars. It will be impossible to cover these costs solely through the state budget and international aid.<\/p>\n

That is precisely why one of the key objectives of the capital market should be to attract private investment into the real sector of the economy.<\/p>\n

Oleksii Semeniuk cited military tech, IT, the agricultural sector, and reconstruction projects as the areas with the greatest potential.<\/p>\n

With regard to defense technologies, the Commission is already working on specific mechanisms for raising funds through venture capital collective investment institutions, taking into account the need to protect the issuers\u2019 sensitive information.<\/p>\n

Virtual assets: regulation is nearing its final stage of approval<\/strong><\/p>\n

A separate, extensive section of the interview focused on the draft law No. 10225-d on virtual assets.<\/p>\n

The draft law has passed its first reading and is being prepared for the second. According to Oleksii Semeniuk, work on two key areas remains to be completed: the distribution of regulatory powers and the taxation model.<\/p>\n

Under the proposed architecture, electronic money tokens (EMT), which are most closely related to the payments sector, will remain under the jurisdiction of the National Bank of Ukraine. The NSSMC will regulate other categories of virtual assets.<\/p>\n

This approach is intended to bring the Ukrainian model as close as possible to European regulatory principles.<\/p>\n

The Commission Chairman expressed hope that the law would be passed this year.<\/p>\n

The crypto market already exists \u2014 it is the government\u2019s responsibility to establish transparent rules for it<\/strong><\/p>\n

According to international estimates cited in the interview, approximately 6.5 million Ukrainians use virtual assets, and the annual transaction volume could reach about USD 100 billion.<\/p>\n

Therefore, the question is no longer whether there is a cryptocurrency market in Ukraine, but rather what rules it will operate under.<\/p>\n

The introduction of regulation is intended to create conditions for the legal operation of exchanges, custodians, tokenization services, and other providers, and will also allow the Commission to compile its own market statistics.<\/p>\n

To prepare for the new function, the NSSMC has already created a dedicated workflow: a team is being formed, best practices from EU regulators and other jurisdictions are studied, and cooperation with international expert institutions is ongoing.<\/p>\n

It is expected that the regulatory infrastructure will be financed largely through license fees and other payments made by market participants.<\/p>\n

At the same time, the cost of licenses should correspond to the nature and level of risk associated with a particular activity.<\/p>\n

\u201cA license should be neither a barrier to law-abiding businesses nor a mere formality,\u201d<\/em> explained Oleksii Semeniuk.<\/p>\n

Exchange infrastructure: The problem isn’t the lack of exchanges, but liquidity<\/strong><\/p>\n

Commenting on the state of the stock market segment, the Chairman of the NSSMC emphasized that Ukraine has stock exchanges and the basic infrastructure. At the same time, there is not yet a fully-fledged, liquid stock market with a wide range of instruments for businesses and investors.<\/p>\n

With regard to specific private projects, the Commission adheres to the principle of equal distance.<\/p>\n

In particular, in response to a question from LIGA.net regarding INJUR, Oleksii Semeniuk noted that the Commission does not evaluate the business models of individual companies based on public statements. The regulator\u2019s task is to establish transparent and uniform rules for all participants and to assess their compliance with law within the framework of established procedures.
\nAt the same time, the Commission, together with the relevant Verkhovna Rada of Ukraine Committee, is working to update the legislation on collective investment institutions and to further harmonize it with European standards.<\/p>\n

Trust in the regulator: Don\u2019t judge the past, rather take responsibility for your own decisions<\/strong><\/p>\n

The interview also touched on the work of the Commission\u2019s former leadership and the professional community\u2019s trust in the regulator.<\/p>\n

Oleksii Semeniuk emphasized that he does not consider it appropriate to offer personal assessments of his predecessors. In contrast, the current leadership has to be responsible for its own decisions and results.<\/p>\n

\u201cTrust is not something you declare; it is something you earn. It develops gradually when market participants see three things: transparent procedures, equal rules for everyone, and decisions grounded solely in law,\u201d<\/em> noted the Chairman of the NSSMC.<\/p>\n

It is precisely these principles \u2014 predictability, level playing field, and transparency of regulatory procedures \u2014 that the Commission identifies as the foundation for its interaction with professional market participants, businesses, and investors.<\/p>\n

The main goal is a market that people trust<\/strong><\/p>\n

Development of the Ukrainian capital market requires simultaneous efforts in several areas: gradual expansion of opportunities for capital movement, emergence of new financial instruments, attraction of private investment, launch of a regulated market for virtual assets, legislative modernization, and improved operating standards of market participants.<\/p>\n

Trust remains the key precondition for these changes.<\/p>\n

\u201cOur objective is to create a capital market that is trusted by Ukrainians, international investors, and the business community. Trust is the main currency of any financial market,\u201d<\/em> concluded Oleksii Semeniuk.<\/p>","protected":false},"excerpt":{"rendered":"

Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission, gave an extensive interview to LIGA.net, in which he discussed the state of the Ukrainian capital market, dialogue on…<\/p>\n","protected":false},"author":367,"featured_media":1183937,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[852,859,4,5,8,12],"tags":[],"class_list":["post-1183938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-virtualni-aktyvy","category-interviu","category-news","category-novina-na-golovny","category-rozvitok-fnansovogo-rinka","category-tsnn-paperi"],"_links":{"self":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1183938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/users\/367"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/comments?post=1183938"}],"version-history":[{"count":2,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1183938\/revisions"}],"predecessor-version":[{"id":1183940,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1183938\/revisions\/1183940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/media\/1183937"}],"wp:attachment":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/media?parent=1183938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/categories?post=1183938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/tags?post=1183938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}