The NSSMC took part in a conference dedicated to cryptocurrencies

The Chairman of the NSSMC Ruslan Magomedov and the Commissioner Yurii Boiko took part in Crypto | Verse Conference, which took place on May 31 online.

The event was dedicated to discussing cryptocurrencies, their benefits for business, the use of blockchain technology, tokens, decentralized finance (DeFi) and more.

Opening the event, the Chairman of the NSSMC noted that the further development of the digital asset industry requires the creation of clear and transparent rules, and this vision is shared by various financial regulators in many countries of the world.

«The NSSMC, as one of the designated regulators of the crypto-assets market in Ukraine, together with international partners, developed a project of the law on Virtual Assets, which takes into account the norms of the European MiCA regulation. We believe that MiCA regulations should be implemented into national legislation, as they include the most modern global experience and best practices in the regulation of the cryptocurrency market. Now the document is in the final stage of approvals, after which we will publish it and wait for market feedback. Our task is to systematize and generalize the rules, and then it’s up to business», he emphasized.

During a panel discussion on the regulation of the cryptocurrency market, Yurii Boiko shared his vision of the role of the NSSMC in this process:

«In our opinion, the ideal regulation formula consists of a balance of the interests of society and the state. On the one hand, excessively strict «rules of the game» can negatively affect the development of the market of virtual assets and blockchain technologies. On the other hand, we understand that extensive «self-regulation» of the market can cause significant harm to investors, whose assets should be protected.Therefore, our goal is to establish such rules that would protect investors, and the work of the virtual asset market would be transparent».

The conference was organized by the Ukrainian Association of Fintech and Innovation Companies. The event was attended by representatives of the Ministry of Digital Transformation, the National Bank, the International Monetary Fund, the European Association for Digital Finance, as well as founders and heads of IT companies, fintech experts and crypto specialists.