Ruslan Magomedov: Ukraine can become a key player in the cryptocurrency market

Ukraine remains a key player in the cryptocurrency market in Eastern Europe, as evidenced by the report published by Chainalysis experts – The 2024 Geography of Crypto Report.

We emphasise that the virtual asset market in Ukraine is currently unregulated. NSSMC is making significant efforts to create a legal framework for the circulation of crypto assets based on the best European practices, such as MiCA and TFR. This will help control activities in this area and protect investors’ rights.

Ruslan Magomedov, NSSMC Chairman, spoke about the prospects for the development of the cryptocurrency market in Ukraine:

«International analytics show the world that Ukraine has great potential to become a key player in the cryptocurrency market, given the high level of interest in digital assets. This is a natural process, as most Ukrainians are well aware of modern technological financial processes and innovations. The state still has to create a favourable regulatory environment, bring the market out of the shadows and build a clear system of investor protection. We are actively working on this together with market representatives, the VRU Committee, the NBU, the legal community and other stakeholders».

NSSMC has recently held a CRYPTO WORKSHOP and presented a draft law that can be called the Ukrainian analogue of MiCA. NSSMC plans to hold such meetings on a regular basis.