The head of the NKCPFR allowed the emergence of Ukrainian crypto assets.

The National Securities and Stock Market Commission of Ukraine (NSSMC) is working on a draft law on virtual assets. This was stated by the head of the regulator Ruslan Magomedov in an interview with “Interfax-Ukraine”.

According to him, “the likelihood of the emergence of Ukrainian virtual assets is very high with proper regulation”

Magomedov emphasized that the bill “has been sitting on the desks of the people’s deputies for more than 1.5 years.” However, the document may be approved in the first reading soon, but the timeline for final approval is unknown, he believes.

Magomedov noted that the NKCPFR proposes to regulate tokens linked to tangible assets (ART), while the National Bank of Ukraine (NBU) — fiat-backed cryptocurrencies.

A model for regulating the cryptocurrency market has been proposed in Ukraine.

The model is based on European MiCA standards and was previously presented to the International Monetary Fund.

“We offer regulation based on MiCA because we are entering the European Union and are candidates for membership. This is not a story about wanting to regulate someone and tighten the screws. We want honest white businesses to be protected from fraudsters,” emphasized Magomedov.

The commission also proposed a tax model for crypto assets, but the final decision rests with the parliament and the Ministry of Finance.

The head of the NKTSFR believes that virtual assets are the next stage in the evolution of the capital market. Companies will be able to attract investments through ICOs instead of traditional IPOs.

“I want to use the best of the crypto market, but in a regulated jurisdiction,” concluded Magomedov.

Let us remind you that on March 14, the NKTSBFR proposed a model of the cryptocurrency taxation matrix.