Ruslan Magomedov, NSSMC Chairman: Taxation system for the virtual asset market should promote development, not restrict the industry

Ruslan Magomedov, NSSMC Chairman, took part in a panel discussion: Cryptocurrencies as New Money: Legalisation, Trends and Challenges 2025, organised by Mezha.Media and Ekonomichna Pravda.

Ruslan Magomedov spoke about his vision of regulating the virtual asset market in Ukraine and the role of the NSSMC as a potential regulator: «We understand the golden truth that business does not need a regulator to develop. Regulation is needed to protect investors and market participants from fraud and manipulation. Therefore, together with representatives of the NBU, the relevant parliamentary committee, and the Ministry of Digital Transformation, we are finalising draft law 10225. It is based on the MICA, but we are only borrowing its business logic and working on adapting it to Ukrainian realities, without the strict conditions that apply in the EU».

Among other things, he focused on the topic of taxation of the virtual asset market: «The NSSMC does not insist on specific figures on the interest rate and has not voiced anything like that, as it is politicised in the media for some reason. We, for our part, stand for an economically balanced approach that will develop the industry. We also have no discussions with the Ministry of Digital Transformation on the interest rate. This issue is within the competence of the relevant parliamentary committee and the Ministry of Finance, so the decision will be theirs».

Ruslan Magomedov summed up that Ukraine has a unique chance to become a leader in the crypto industry in Europe and that it needs to implement reasonable and flexible regulation: «Our task is to find a consensus between the state and business. Therefore, we are open to dialogue with the crypto community and will be happy to hear your ideas».

We would like to add that you can send your proposals on the regulation of the virtual asset market to [email protected].

Together we will create new opportunities for Ukrainian business!