On August 13, Alexey Semenyuk, head of the NSSMC, stated that cryptocurrency market regulation should protect users while maintaining the benefits for businesses to operate legally within the country.
“The market exists, Ukrainians use it, and businesses create products. The real 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 noted.
Semenyuk cited last year’s global cryptocurrency adoption index by Chainalysis, where Ukraine ranked eighth overall and first when adjusted for population.
From July 2024 to June 2025, analysts estimated the volume of digital assets received in Ukraine at $206.3 billion, a 52% increase over the year.
According to Semenyuk, legalization should allow Ukrainians to use services from authorized providers and enable companies to operate domestically under clear rules. This includes buying, selling, and exchanging cryptocurrencies, as well as storing and staking them.
“For individuals, the reform’s outcome should be very clear: they should know who provides the service, whether the company is authorized, what rules it must follow, and where to turn if their rights are violated,” said the head of the NSSMC.
Another focus area Semenyuk mentioned is the tokenization of real-world assets (RWA). He stated that distributed ledger technology could eventually enable the creation of new investment products and capital-raising models.
“The strategic goal is much broader than just legalizing cryptocurrencies. We are talking about the possibility of integrating virtual asset technologies with the traditional financial market. Tokenization, RWA, and new investment products are already part of the global financial system’s development,” he emphasized.
A separate issue remains the interaction between crypto companies and banks and payment infrastructure. Semenyuk noted that passing a law alone will not solve this, but without legal market status, full cooperation is impossible.
The head of the NSSMC also called for a balance between user protection and the competitiveness of Ukraine’s jurisdiction.
“Excessive leniency creates risks for people. Excessive regulation pushes businesses abroad. We need a market where one can legally work, invest, launch products, and be protected at the same time,” he concluded.
In September 2025, the Verkhovna Rada of Ukraine approved in the first reading draft law No. 10225-d “On Virtual Assets Markets.” The document aims to define the status and taxation of crypto assets in the country.
