Financial market supervision – close cooperation between Germany and Ukraine in the future

The Federal Financial Supervisory Authority (BaFin) and the National Securities and Stock Market Commission (NSSMC) plan to work closely together in the future. The joint webinar on virtual assets held on January 30, 2024 was an important milestone in their cooperation.

«We are looking forward to working closely with our partner authority in Ukraine», explained Rupert Schaefer, Chief Executive Officer for Strategy, Policy and Supervision at BaFin. «We want to provide the best possible support to the Ukrainian supervisors and share our experience in supervising the EU legal framework. It is also equally important for us to learn from our EU colleagues».

“Ukraine is working diligently to introduce a virtual asset market by implementing European rules. We are pleased to cooperate with BaFin and are confident that the further results and experience of our German colleagues will form the basis of the Ukrainian regulatory framework for virtual assets,” said Yuriy Boyko, Member of the NSSMC.

The program of the first joint webinar was focused on fundamental issues related to virtual assets with an emphasis on operational supervision experience. Currently, Ukraine is in the process of legislating the taxation of transactions in crypto assets. Last year, the European Union (EU) enacted the Regulation on the Regulation of Crypto Asset Markets (MiCA).

Long-term partnership

BaFin and the NSSMC wish to continue to cooperate in the long term on the basis of a declaration of cooperation. The envisaged cooperation will cover all important subject areas of financial supervision.