A draft law on virtual assets in Ukraine with the distribution of regulatory powers is expected to be prepared by October this year. Technical work on the document, which will be based on the European Directive MiCA and attract international partners. This was stated by First Deputy Governor of the National Bank of Ukraine (NBU) Kateryna Rozhkova.
«According to the Memorandum with the IMF, updated legislative proposals will be prepared with the technical assistance of our partners by October 2025. The new law will define the distribution of powers of regulators,” she said.
Rozhkova noted that MiCA stipulates that the financial backing of any tokens, even if they are stablecoins, must be located in the EU. By the way, it is for this reason that in the near future support for even such giants as USDT from Tether may stop there.
Rozhkova clarified that the regulation of the crypto market in the EU is usually as follows: central banks focus on tokens backed by currencies or money, while securities market regulators or ministries of finance focus on all other tokens.
She added that Ukraine, together with its international partners, will clearly define which regulator will be responsible for what, but it will definitely not be the Ministry of Digital Transformation, as the IMF is against this idea.
The First Deputy Governor of the National Bank said that after the adoption of the law on virtual assets, the NBU will develop its internal regulations to settle the remaining issues.
Rozhkova emphasized that it will be difficult to regulate and restrict crypto wallets, and there is a risk of legalization and tax evasion. For example, compared to 2022, twice as many Ukrainian officials declared cryptocurrencies in 2024. At the same time, some of them indicated that lost millions of dollars worth of tokens.
«Not all people understand this. In the case of BitCapital,
The NBU is trying to stop the unlicensed operation of this company the people who complained about this service did not really understand what kind of transaction they were making. They wanted to take out a loan, but received a debt in cryptocurrency, which is prohibited by our legislation, and the risk of unclear exchange rate formation. That is why the issue of working with the public is extremely important,” said the representative of the NBU governor.
The National Securities and Stock Market Commission (NSSMC) of Ukraine has developed a model for the division of powers of regulators in the virtual asset market and recently presented it to the IMF mission and the Financial Stability Board. The NSSMC proposes to regulate all virtual assets linked to a tangible asset, or asset-referenced token (ART), while the NBU will regulate money tokens for which the underlying asset is fiat.
Source: Interfax-Ukraine
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