On August 13, Alexey Semenyuk, the head of the National Securities and Stock Market Commission of Ukraine (NSCM), emphasized the importance of regulating the crypto market to protect users while ensuring that businesses benefit from operating legally within the country.
"The market exists, Ukrainians are using it, and businesses are creating products. The question is where this business is legally located, where it pays taxes, and how protected the Ukrainian user is. Legislation should address these issues," he stated.
Semenyuk referenced last year's global cryptocurrency adoption index by Chainalysis, where Ukraine ranked eighth overall and first when adjusted for population size.
Analysts predict that between July 2024 and June 2025, the volume of digital assets received in Ukraine will reach $206.3 billion, reflecting a 52% increase over the year.
According to Semenyuk, legalizing the crypto market will enable Ukrainians to access services from authorized providers while allowing companies to operate under clear regulations within the country. This includes activities such as buying, selling, exchanging cryptocurrencies, as well as storage and staking.
"For individuals, the outcome of the reforms should be very tangible: they need to know who is providing the service, whether the company is authorized, what rules it must follow, and where to turn if their rights are violated," the NSCM head asserted.
Another significant area Semenyuk highlighted is the tokenization of real-world assets (RWA). He noted that distributed ledger technology could pave the way for new investment products and capital-raising models in the future.
"The strategic goal is much broader than just legalizing cryptocurrencies. We are discussing the potential to integrate virtual asset technologies with the traditional financial market. Tokenization, RWA, and new investment products are already part of the global financial system's evolution," he emphasized.
However, the relationship between crypto companies and banks, as well as payment infrastructure, remains a challenge. Semenyuk pointed out that merely enacting a law will not resolve this issue, but without a legal status for the market, full cooperation is unattainable.
The NSCM head also called for a balance between user protection and the competitiveness of the Ukrainian jurisdiction.
"Excessive leniency creates risks for individuals. Conversely, too much regulation drives businesses abroad. We need a market where it is possible to operate legally, invest, launch products, and simultaneously be protected," he concluded.
It is worth noting that in September 2025, the Ukrainian Parliament approved the first reading of Bill No. 10225-d "On Virtual Asset Markets." This legislation aims to define the status and tax treatment of crypto assets in the country.