The draft law on virtual assets in Ukraine is reportedly 90% complete, according to the regulator’s head speaking in an interview.

Main provisions

Alexey Semenyuk, head of the National Securities and Stock Market Commission, said that the principal rules have been agreed internally by the authority.

• The commission has been designated as the primary regulator responsible for supervising the virtual assets market.
• A classification of crypto assets has been aligned with the MiCA framework and incorporated into the draft provisions.
• Licensing requirements and procedural rules for crypto service providers are set out in the proposed licensing regime.

Outstanding issues and timeline

Certain matters remain unsettled, including taxation rules, the legal status of crypto assets in criminal proceedings, and in enforcement processes.

Additional unresolved items concern specific transitional provisions and the sequence for implementing the new regulatory regime across market participants.

Authorities expect to finish drafting the text in August, while emphasizing that this refers to preparing a bill rather than securing approval by the Verkhovna Rada.

The regulator’s statements describe the current stage as preparatory and do not imply immediate legislative adoption or entry into force.