On June 14, 2025, Kiev hosts the largest crypto event of the year – Incrypted Conference 2025. Within the framework of this event, a panel discussion on the regulation of the crypto industry in Ukraine was held.

It was attended by MP Yaroslav Zheleznyak, the head of the National Commission on Securities and Stock Market (NCSSM) Ruslan Magomedov, the chief lawyer of the project office for the development of the digital economy of Ukraine under the Ministry of Digital Transformation of Ukraine Dmytro Mykolaevsky. The moderator was Petro Bilyk, a partner in the Technology and Investment practice at Juscutum.

At what stage is the bill at now?

At the end of April 2025, the Verkhovna Rada of Ukraine (VRU) Committee on Finance, Tax and Customs Policy unanimously supported the draft law on virtual assets. After that, it was submitted to the Parliament for consideration. It was expected that the document would be adopted in the first reading, after which it would be finalized taking into account the amendments of the Commission and other participants.

However, the initiative was wrapped up by the Office of the President, as stated directly by Zheleznyak himself. Moreover, he pointed out that the initiative was initiated by the SECP.

The Commission rejected this, at the same time pointing out that the bill needed additional edits. There were more than 80 of them. After that, the specialized bill was actually in limbo.

Re-submission of the document to the Verkhovna Rada

At the beginning of the panel discussion, Zheleznyak reiterated that it was at the stage of consideration by the Office of the President that the bill was wrapped up.

“We just had a conversation with Ruslan [Magomedov]. He convinced me that they [the Commission] are not the ones stalling the process. There remains only a spontaneous impulse well or Andriy Pyshny [head of the NBU], since there are not many people in the Office who in principle understand what crypto-assets are,” – said the MP.

However, according to Zheleznyak, if there is no obstacle in the form of the Commission, the Committee can resubmit the bill for inclusion in the agenda next week.

“If so, then great, we are waiting for the approval of the bill in the first reading. But somehow it seems to me that there will be some political problems again,” – Zheleznyak emphasized.

The position of the SEC

It was the Commission that developed the text of the bill and handed it to the Committee back in September 2023, Ruslan Magomedov said.

“But, since, apparently, there is some dislike of the Committee’s leadership to me personally or to the leadership of the Commission, we were all left without regulation,” – Magomedov said.

According to the head of the NCSM, the text of the new bill is 70% in line with the version that was filed by the Commission earlier. Magomedov also commented on Zheleznyak’s earlier statement that it was at the regulator’s suggestion that the Office of the President blocked the initiative:

“This gave me a sincere smile. It makes no sense for the Commission to block it, because we are interested in doing something that will work.”

When asked directly by a lawmaker whether the NCSEC would support the current version of the bill on first reading, Magomedov was evasive: “If it will be workable.”

The position of the Ministry of Digital Transformation

“We adhere to the most liberal position possible. […] Our goal is to launch the market. Our partners are interested in ensuring that Ukrainian regulation complies with MiCA regulations as much as possible. […] Our main idea is that the level of regulation should be ‘softer’ at the stage of market formation,” – Nikolaevsky said.

According to the representative of the agency, they would like that the authority that will supervise would not have so many powers. Also, the Ministry of Digitalization is against restrictions on the accrual of interest on some tokens.

Participants’ views on regulatory concerns

“I don’t want to complain, but this ‘stakeholder zoo’ on crypto assets is pretty big. There is the Ministry of Digitization, which takes the most liberal position. There is the Commission, which has done objectively good work. The bill has a lot of their proposals. There is the NBU, which was literally told in the process that it could be the regulator of the crypto market. And there is the International Monetary Fund, but in case of implementation of all their recommendations, the sphere will come to an end,” – said Zheleznyak.

Also, according to the MP, there is also the EU, where the MiCA regulation was adopted. And it too should be taken into account in the formation of the regulatory framework, since Ukraine is in the process of European integration.

“Why is it important to pass the bill? Because it is the adoption. The market will begin to work fully, it is a new opportunity. A new source to replenish the budget. Everyone is interested in this bill,” –Nikolaevsky noted.

Magomedov, in turn, noted that transferring the role of the regulator to the Commission could be the “golden mean” in which the bill would work. However, he emphasized that he does not insist on such an outcome.

How will the bill affect ordinary users?

“Let’s take the average investor as an example. Here I have crypto-assets. Can I sell them? No. Can I pay taxes somehow? No. […] What will the bill do? It will allow to do it normally, without unnecessary risks that the trader, for example, will be interested in the SBU and at an adequate rate of taxation,” – said Zheleznyak.

At the same time, the politician noted that the key problems with the market in Ukraine are not related to the bill. However, it can help at least partially solve them.

At the end of the panel discussion, participants presented the results of the survey, according to which 61% of respondents supported the regulation of the sphere in Ukraine.

At the same time, the respondents consider taxation to be the main problem, which will lead to additional costs, and the risk of excessive control. Regarding the regulator of the industry, respondents supported the Ministry of Digital Transformation of Ukraine.