Member of Parliament Yaroslav Zheleznyak reported that the draft law on virtual assets in Ukraine, initiated by the President’s Office, has been withdrawn from consideration. According to him, the head of the National Securities and Stock Market Commission (NSSMC) expressed objections to the document, which had previously received approval from the Committee on Finance, Taxation, and Customs Policy of the Verkhovna Rada of Ukraine.
This is reported by Finway
According to Zheleznyak, the process of developing regulation for the crypto industry has been ongoing for several years, involving not only the committee but also various state bodies, including the Ministry of Digital Transformation and the National Bank of Ukraine (NBU). Most recently, at the end of April 2025, the draft law was unanimously approved by the committee, but now its fate appears uncertain.
Blocking of the Draft Law and Its Consequences
According to Zheleznyak, the draft law disappeared from the agenda following a meeting at the President’s Office, where its further actions were discussed. The MP noted that the president personally made the decision to remove this item, as confirmed by his sources. At the same time, he pointed out that NSSMC Chairman Ruslan Magomedov provided significant arguments against the document.
“It didn’t just disappear from the agenda. It was removed after the so-called meeting at the President’s Office, which was personally conducted by the head of state with his deputies, faction representatives, and committee chairs”
Among the reasons why the draft law does not meet international standards, Magomedov noted that it does not comply with the MiCA regulations and the principles of the International Organization of Securities Commissions (IOSCO). He also mentioned that the document allows temporary access to the market for service providers without authorization, which, in his opinion, creates additional risks during the war.
Zheleznyak, commenting on this position, noted that it was the NSSMC that previously blocked the adoption of the draft law on implementing IOSCO principles, which has already affected the possibility of obtaining a $1.5 billion loan from the World Bank.
Prospects for Regulating Crypto Assets in Ukraine
Zheleznyak believes that the blocking of the draft law is a serious obstacle to the development of the crypto industry in Ukraine, as the initiative may again face resistance from the NSSMC and other structures. He also pointed out that the refusal to register is critically important for attracting investments and developing the market.
“Let me give you an example… So that money, instead of houses and apartments, is received by Ukrainians in the form of tax deductions to the budget”
The MP also reported that the NSSMC proposed to send the text of the draft law for review by law enforcement agencies, which he categorically disagrees with. This could delay the process of legalizing crypto assets in Ukraine indefinitely.
It is important to note that Ruslan Magomedov has already expressed the opinion that the legalization of cryptocurrencies may be postponed until the end of the war, as under the current conditions, it is a risky step.