The head of the National Securities and Stock Market Commission (NCCPFR), Ruslan Mahomedov, expressed a positive assessment of the possibility of creating virtual assets in Ukraine. In an interview conducted with “Interfax-Ukraine,” he noted that such assets could emerge provided there is appropriate regulation.
This is reported by Finway
Regulatory Model Based on MiCA Standards
Mahomedov emphasized that the exact timeline for the adoption of the cryptocurrency bill is currently unknown, although he is confident that the document will receive support in its first reading soon. However, its final approval will require more time.
The Commission has already developed a regulatory model that aligns with the MiCA regulation standards and presented it to the International Monetary Fund (IMF) mission and at a meeting of the Financial Stability Council of Ukraine. Mahomedov highlighted that:
“We propose regulation based on MiCA because we are moving towards the European Union and are candidates for accession. This is not about wanting to regulate anyone or tighten the screws. We want to ensure that conscientious, legitimate businesses are protected from fraudsters.”
Potential for Business
Additionally, the head of the NCCPFR reported that the Commission is capable of assisting in the creation of the first white paper in Ukraine and issuing asset-referenced tokens for enterprises planning to use these funds for development. According to Mahomedov, Ukrainian virtual assets could grant rights to a share in the business and the receipt of dividends.
It is also worth noting that the NCCPFR plays a crucial role in shaping the regulatory framework for the virtual asset market. Bill No. 10225, aimed at amending the legislation and the Tax Code of Ukraine, remains in the development stage and includes several amendments to the previous bill presented by the NCCPFR.