Yurii Boiko during a panel discussion on the virtual asset market in Ukraine: We are on the right track

Today, on September 29, 2023, Yurii Boiko, Commissioner of the National Securities and Stock Market Commission (NSSMC), took part in the panel discussion: «European Regulation of the Cryptocurrency Market: Implementation in Ukraine», which took place within the framework of the VII Kharkiv International Legal Forum.

Mr. Boiko told the participants of the event about the new draft law on the launch of the virtual asset market in Ukraine, which is being developed by the NSSMC together with representatives of Ernst & Young with the support of the USAID Financial Sector Reform project, the proposed taxation mechanism and the necessary changes to the current financial legislation. The draft law is based on the European regulation MiCA (Markets in Crypto assets), which was adopted by the European Parliament in April this year. The new law must comply with Ukraine’s commitments to European integration and EU law.

«Our new draft law is not just a technical translation of MiCA. It is about a lot of work to adapt European rules to our Ukrainian realities. We openly discussed the draft at the meetings of the NSSMC’s Advisory Board on Virtual Assets, heard and took into account the comments of leading market participants, relevant government agencies, and all stakeholders. In general, the draft law was positively received by EU experts, so I can assure you that we are on the right track», the Commissioner said.

According to Yurii Boiko, it is important that according to MiCA, any company that has received authorization in Europe can offer its own services in the single European market for consumers in all EU countries. Although Ukraine is not yet a full-fledged EU member, having a law with the provisions of the MiCA implemented in it, in the near future it may offer crypto companies to do business in our jurisdiction under the same European rules. There will be no need to develop other business approaches and adapt to new structures. «Our market and its rules will be convenient and understandable for all international companies that are already familiar with the European market. And we must be ready for this in advance», Mr. Boiko said.

The event was organized by Yaroslav Mudryi National Law University in partnership with the National Academy of Legal Sciences. This event is a part of the EU Erasmus+ Project «European Regulation of the Cryptocurrency Market: Implementation in Ukraine».