Authorities discussed regulation of cryptocurrencies in Ukraine at Incrypted Conference

• On June 14, Incrypted Conference 2025 takes place in Kyiv.
• This is the central event of Ukrainian Blockchain Week.
• During the event, a panel discussion on the regulation of the crypto sphere in Ukraine was held with the participation of representatives of the authorities.
• The parties discussed the problems with regulation, prospects and talked about the progress of the adoption of the specialized bill.

On June 14, 2025, Kyiv hosts the largest crypto event of the year — Incrypted Conference 2025. Within the framework of this event, a panel discussion on the regulation of the crypto industry in Ukraine was held.

It was attended by MP Yaroslav Zheleznyak, the head of the National Commission on Securities and Stock Market (NCSSM) Ruslan Magomedov, the chief lawyer of the project office for the development of the digital economy of Ukraine under the Ministry of Digital Transformation of Ukraine Dmytro Mykolaevsky. The moderator was Petro Bilyk, a partner in the Technology and Investment practice at Juscutum.

At the end of April 2025, the Verkhovna Rada of Ukraine (VRU) Committee on Finance, Tax and Customs Policy unanimously supported the draft law on virtual assets. After that, it was submitted to the Parliament for consideration. It was expected that the document would be adopted in the first reading, after which it would be finalized taking into account the amendments of the Commission and other participants.

However, the initiative was wrapped up by the Office of the President, as stated directly by Zheleznyak himself. Moreover, he pointed out that the initiative was initiated by the SECP.

The Commission rejected this, at the same time pointing out that the bill needed additional edits. There were more than 80 of them. After that, the specialized bill was actually in limbo.

At the beginning of the panel discussion, Zheleznyak reiterated that it was at the stage of consideration by the Office of the President that the bill was wrapped up.

However, according to Zheleznyak, if there is no obstacle in the form of the Commission, the Committee can resubmit the bill for inclusion in the agenda next week.

It was the Commission that developed the text of the bill and handed it to the Committee back in September 2023, Ruslan Magomedov said.

According to the head of the NCSM, the text of the new bill is 70% in line with the version that was filed by the Commission earlier. Magomedov also commented on Zheleznyak’s earlier statement that it was at the regulator’s suggestion that the Office of the President blocked the initiative:

When asked directly by a lawmaker whether the NCSEC would support the current version of the bill on first reading, Magomedov was evasive: “If it will be workable.”

According to the representative of the agency, they would like that the authority that will supervise would not have so many powers. Also, the Ministry of Digitalization is against restrictions on the accrual of interest on some tokens.

Also, according to the MP, there is also the EU, where the MiCA regulation was adopted. And it too should be taken into account in the formation of the regulatory framework, since Ukraine is in the process of European integration.

Magomedov, in turn, noted that transferring the role of the regulator to the Commission could be the “golden mean” in which the bill would work. However, he emphasized that he does not insist on such an outcome.

At the same time, the politician noted that the key problems with the market in Ukraine are not related to the bill. However, it can help at least partially solve them.

At the end of the panel discussion, participants presented the results of the survey, according to which 61% of respondents supported the regulation of the sphere in Ukraine.

At the same time, the respondents consider taxation to be the main problem, which will lead to additional costs, and the risk of excessive control. Regarding the regulator of the industry, respondents supported the Ministry of Digital Transformation of Ukraine.