On April 24, 2025, the Verkhovna Rada of Ukraine (VRU) Committee on Finance, Tax, and Customs Policy supported the updated draft law on virtual assets. Several agencies were involved in the development of the document: the National Securities and Stock Market Commission (NSSMC), the Ministry of Digital Transformation, the National Bank of Ukraine (NBU) and the previously mentioned Committee.
Incrypted ‘s editorial staff discussed the situation around the bill with representatives of the NCSSM and learned details about its position on the regulation of crypto assets.
According to the representatives of the agency, the differences between the original text of the bill #10225 and the registered version #10225-d reach about 30%. At the same time, they are of fundamental importance, emphasized advisor to the NCSSM Vita Forsyuk in a conversation with our editorial office.
The NCSSM noted that the document changed the provisions on taxation. The new version takes into account the Commission’s proposals to exempt from tax the income of individuals from mining and staking, as well as the introduction of a non-tax limit. In addition, with the participation of the State Financial Monitoring Service, the working group finalized the norms on financial monitoring of transfers of virtual assets, taking into account the requirements of the EU Travel Rule.
Separately, the Commission indicated that they disagree with some changes.
“The draft law excludes mention of the NCSM as a regulator — it is replaced by the wording “a body to be determined by the CMU in coordination with the NBU.” It also provides for the possibility of automatic authorization of service providers and public offering of virtual assets in certain cases, which significantly increases the risk of market penetration by persons with Russian citizenship or financial institutions that support Russian aggression against Ukraine,” Forsyuk said.
Ruslan Magomedov, head of the NCSSM, emphasized the need for further changes. The Commission proposes to abandon automatic authorization for foreign CASPs even from “reliable” jurisdictions. The agency wants to replace it with a mechanism of simplified verification to prevent the admission of entities with Russian connections to the market.
Note, MP Yaroslav Zheleznyak earlier said that the text of the document may change significantly between the first and second reading in the Verkhovna Rada. He also repeated this thesis after the Committee approved the bill.
As for the issue of choosing a regulator for the crypto asset market, the Commission believes that this topic remains a politicized issue.
The Chairman of the Committee on Finance, Tax and Customs Policy, Daniil Getmantsev, has repeatedly expressed his opposition to the appointment of the NCSM as a regulator, citing doubts about its institutional capacity.
However, according to the Commission, international practice suggests that regulation of virtual assets should be handled by the body responsible for the capital market.
“This approach is in line with the IOSCO principles established by the International Organization of Securities Commissions, membership in which is a requirement of the IMF Memorandum for Ukraine,” Forsyuk said.
According to the representative of the agency, granting the NBU powers to regulate the virtual assets sector may lead to regulatory arbitrage in the capital market. In addition, the Commission stressed that the definition of criteria for “tokenized securities” is solely within the competence of the NCSSM.
Earlier, the Commission presented within the framework of the meeting of the Financial Stability Board a model for the distribution of powers between the two regulators for the supervision of the crypto market — respectively, the NCSSM and the National Bank.
However, according to Zheleznyak, most likely, the main regulator will be the NBU. Recall, the Incrypted team wrote about the likelihood that it is the National Bank that may get the role of the main body overseeing the crypto industry in Ukraine. As well as the possible consequences of such a decision back in December:
