“The Head of the National Securities and Stock Market Commission Criticized the Current Version of the Draft Law on Crypto Assets: Stated a Risk to National Security
The commission believes that the bill does not comply with EU and IOSCO standards, contains risks for sanctions policy during the
war, and requires assessment by law enforcement.”, — write: unn.ua
Details
The Securities Commission does not support this draft law for the following reasons. Firstly, although it was mentioned here that it is based on MiCA principles, it does not comply with them. There are many things that can be referred to, but the definition of the Securities Commission is not attributed to the regulator of capital markets. And in fact, the fact that it does not comply with MiCA makes this draft law non-European integration. That is, it will stand in the way of our European integration process
“The second problem contained in this text is that it violates the principles of IOSCO. Because the regulation in the capital markets violates the Euro-integrity and the impact will be not only on the Securities Commission, but also on other regulators. Accordingly, regulatory arbitrage will arise and this does not comply with the principles of IOSCO. And as we remember, we need the Commission to be a full member of IOSCO, this is part of our agreements with the International Monetary Fund,” Magomedov added.
He also stated that the text should be agreed upon in the Financial Stability Board and with international partners. However, this has not yet been done, despite Ukraine’s relevant obligations.
“And what worries us most is that the text proposed to the committee contains norms that propose to automatically allow virtual assets to be traded and allowed to operate in our market. Virtual assets can be admitted and virtual service providers can be admitted, which are not authorized in Ukraine even in some light mode,” Magomedov added.
Considering that we are now at war and all the risks, including economic ones, we believe that this is a very risky norm, because it allows Russian citizens or some Russian financial institutions, or anyone else, to obtain authorization. And then, without any registration or verification by any regulatory authorities in Ukraine, to operate in the Ukrainian market. It is clear that this is a huge risk for a country at war
“We generally wanted to appeal to the Committee that it probably makes sense to send this text of the draft law for evaluation to law enforcement agencies: the SBU and all others. So that they can give their assessment, because, of course, we all say that the virtual assets market is timely and it is really necessary for everyone, and it is a source of revenue for the budget. But on the other hand, it must be understood that our law enforcement agencies have an understanding and will be able to control the same sanctions policy of the state after the adoption of such a text of the law,” said the head of the National Securities Commission.
Addition At the meeting on April 24, the Verkhovna Rada Committee on Finance, Tax and Customs Policy at its meeting on April 24 supported the draft law on the regulation of virtual assets. Minister of Finance Denys Uliutin said during the meeting that the Ministry of Finance has a number of comments on the draft law, which provides for systematic regulation of crypto-asset circulation in Ukraine, but supports it.
Deputy Head of the NBU Oleksiy Shaban indicated at the meeting that the National Bank of Ukraine supports the new draft law on the regulation of crypto-asset circulation, but also has a number of comments. According to Shaban, the National Bank insists on clarifying its powers in the field of authorization procedures, establishing operational and prudential requirements for virtual asset providers.
Let us remind youThe head of the National Securities and Stock Market Commission, Ruslan Magomedov, in a comment to the correspondent of UNN reported that a draft law is being prepared in Ukraine to legalize virtual assets, which is based on the European MiCA directive. The NSSMC and the NBU are working on the document to protect investors.
First Deputy Head of the NBU Kateryna Rozhkova stated that the draft law on virtual assets in Ukraine with the distribution of powers of regulators will be prepared by October 2025 with the involvement of technical assistance from international partners, which will be based on the European MiCA directive.