The National Securities and Stock Market Commission (NSSMC) has abandoned its bid to become Ukraine's crypto market regulator.
Date: 2025-11-11 Author: Gabriel Deangelo Categories: IN WORLD
Following the exclusion of the National Securities and Stock Market Commission (NSSMC) from the latest version of the draft law on virtual assets, the agency announced that it does not intend to seek the role of crypto market regulator. Commission representatives told Incrypted that they will focus on the tasks within their current mandate.
Earlier, reports surfaced online that the NSSMC had approached the government with a proposal to transfer the implementation of the European MiCA regulation to another government agency. However, Commission representatives did not confirm the authenticity of these documents, emphasizing only that draft law No. 10225-d does not grant them authority to regulate the virtual asset market.
Previous versions of the Ukrainian bill considered the National Securities and Stock Market Commission (NSSMC) to be the key body overseeing the crypto market. However, the latest version has changed the division of responsibilities: regulation is now divided between the National Bank of Ukraine and another body to be determined by the Cabinet of Ministers.
The Commission noted that it had repeatedly encountered difficulties in its work due to the "personal animosities of individual members of parliament," which hindered the effective development of the market. According to representatives of the National Securities and Stock Market Commission (NSSMC), "political infighting often prevailed over a professional approach to creating a stable financial system."
The agency now intends to focus on updating and developing the stock market. Its immediate plans include the introduction of new instruments, including individual investment accounts, which will allow entrepreneurs and investors to increase profits and the state to receive additional tax revenue.
At the same time, the Commission emphasized its support for the creation of a transparent and competitive crypto market that complies with international requirements and the European MiCA regulation. The agency expressed its readiness to cooperate with other government agencies to ensure stability and trust among market participants.
The debate over who will become the primary regulator of the crypto industry in Ukraine has been ongoing for several years. Initially, this role was planned for the Ministry of Digital Transformation, but after a presidential veto, this authority was transferred to the National Securities and Stock Market Commission (NSSMC). Later, there were increasing speculations that control over the entire industry could be transferred to the National Bank of Ukraine, which would change the supervisory structure and requirements for market participants.
Thus, the NSMC has definitively stated its position: instead of competing for influence over the crypto sector, the Commission will focus on developing the traditional stock market and creating conditions for increased investment within the country.
