The central event of Ukrainian Blockchain Week — Incrypted Conference 2025 — took place in Kyiv, gathering leading experts and government representatives to discuss the future regulation of the cryptocurrency sector in Ukraine. The event, held on June 14, became the largest event in the crypto industry this year.
This is reported by Finway
Status of the Draft Law on Virtual Assets
During the conference, a panel discussion on cryptocurrency regulation was held, featuring MP Yaroslav Zheleznyak, head of the National Securities and Stock Market Commission Ruslan Mahomedov, chief lawyer of the project office for digital economy development at the Ministry of Digital Transformation Dmytro Nikolayevsky, and partner in the Technology and Investment practice at Juscutum Petro Bilyk.
The participants discussed the current status of the draft law on virtual assets, which was unanimously supported by the parliamentary Committee on Finance, Taxation, and Customs Policy at the end of April 2025 and submitted to the Verkhovna Rada. However, as Yaroslav Zheleznyak reported, the initiative was blocked at the stage of consideration by the President’s Office, and the National Securities and Stock Market Commission submitted over 80 amendments to the document, leading to its effective “freezing.”
Positions of the Parties: Parliament, NSC, and Ministry of Digital Transformation
Zheleznyak emphasized that political reasons and the lack of clear agreement among state structures are slowing down the process:
“We just spoke with Ruslan [Mahomedov]. He convinced me that it is not they [the Commission] who are stalling the process. There remains only a spontaneous impulse or Andriy Pyshny [head of the NBU], as there are not many people in the Office who understand what crypto assets are,” the MP noted.
According to him, if the obstacles are removed, the Committee could reintroduce the draft law to the parliamentary agenda soon, but there is a possibility of new political difficulties.
Ruslan Mahomedov clarified that it was the NSC that developed the text of the draft law back in September 2023 and submitted it to the Committee, and the new version of the document is 70% aligned with the previous version. He refuted accusations of blocking the process by the Commission, emphasizing their interest in implementing effective regulation.
Dmytro Nikolayevsky, a representative of the Ministry of Digital Transformation, stressed the liberal position of the agency. The Ministry advocates for launching the market with soft regulation at the initial stage and opposes restrictions on interest accrual for certain tokens. The agency aims for Ukrainian legislation to harmonize with the requirements of the European MiCA regulation but not to be overly stringent.
Key Challenges and Opinions of Discussion Participants
Discussion participants noted that the main problems are discrepancies among various government bodies and the influence of international recommendations. Zheleznyak pointed out the complexity of interaction between the Ministry of Digital Transformation, NSC, NBU, and the International Monetary Fund, as well as the need to consider the MiCA regulation due to Ukraine’s course towards European integration.
The importance of adopting the draft law was explained by the creation of new opportunities for the market, the legalization of operations, and an additional source for budget replenishment. Mahomedov expressed the opinion that transferring regulatory functions to the Commission could be an optimal solution, but he did not insist on this as the only option.
Zheleznyak provided an example for ordinary investors: currently, it is impossible to legally sell crypto assets or pay taxes on them, while the new draft law would allow for transparent operations without risks for traders and with adequate taxation.
According to a survey conducted during the conference, 61% of respondents supported the introduction of cryptocurrency regulation in Ukraine. The main risks for market participants remain issues of taxation and the likelihood of excessive control, while among potential regulators, most prefer the Ministry of Digital Transformation.