NSSMC Presents Crypto Market Regulation Plan for Ukraine

On March 18, 2026, the National Securities and Stock Market Commission (NSSMC) publicly presented its position on regulating the virtual assets market in Ukraine. During an expert dialogue organized with representatives from the U.S. Embassy, the commission outlined the key instruments it plans to implement for overseeing the crypto market.

Key Regulatory Instruments

The commission identified three core pillars for Ukraine's new virtual asset regulatory framework:

• Travel Rule: mandatory identification of participants in every crypto transaction. Virtual Asset Service Providers (VASPs) must transmit sender and recipient data alongside transfers — mirroring rules for traditional bank transfers.
• CARF (Crypto-Asset Reporting Framework): an international reporting standard requiring crypto platforms to report client transactions to tax authorities. This will enable automatic information exchange between countries.
• Russian capital restrictions: blocking access to the Ukrainian crypto market for participants linked to the aggressor state. This applies to both direct and indirect control by Russian beneficiaries.

NSSMC as the Primary Regulator

Under draft law No. 10225-d, the NSSMC will serve as the primary regulator of the virtual assets market, with the National Bank playing a supporting role. The commission will oversee licensing of exchanges, trading platforms, custodial services, and other intermediaries.

NSSMC Chairman Oleksiy Semeniuk and commission member Maksym Libanov met with U.S. Embassy representatives to discuss the prospects for a regulated crypto market and new investment opportunities for international participants. The American side confirmed its readiness to support the regulatory reform.

Alignment with EU's MiCA

One of the NSSMC's strategic priorities is aligning Ukrainian regulation with the European MiCA standard (Markets in Crypto-Assets), which has been in effect across the EU since December 2024. This includes unified requirements for anti-money laundering (AML), know-your-customer (KYC) procedures, and transaction monitoring.

Ukrainian providers that operated before the new law takes effect have been granted a transition period: they must complete registration by July 1, 2026. Those that fail to obtain a license will lose the right to serve Ukrainian residents.

Crypto Tax Framework

Alongside the regulatory framework, a taxation system is being introduced. The draft law establishes a standard 18% personal income tax on profits from virtual asset transactions, plus a 5% military levy. However, during 2026, a preferential rate of 5% PIT will apply to crypto-to-fiat conversions.

Preliminary estimates suggest that legalizing and taxing the crypto market could generate 14–15 billion hryvnias annually for the state budget — a significant incentive for authorities to expedite the legislative process.

What This Means for Crypto Exchanges

The implementation of the Travel Rule and CARF will fundamentally change the landscape for Ukrainian exchangers. Platforms that operate transparently and meet KYC/AML requirements will be able to obtain licenses and continue serving customers. Unlicensed exchangers, however, will face the threat of shutdown.

For users transacting through licensed platforms, conditions will become more predictable. For example, those who regularly work with USDT will be able to sell Ethereum for hryvnia through official channels without the risk of frozen funds. Banks, including Monobank, will also have clear rules for interacting with crypto providers, reducing the number of unjustified account freezes.

Conclusion

The NSSMC's position paper marks an important step toward building a comprehensive regulatory infrastructure for Ukraine's crypto market. Adopting international standards will boost foreign investor confidence and create a legal framework for the millions of Ukrainians who already actively use digital assets.