Crypto and virtual assets in Ukraine currently lack a comprehensive, dedicated securities-specific regulatory framework; the existing legal architecture regulates traditional securities, and the Law of Ukraine "On Virtual Assets" has been adopted but implementation remains incomplete. About us – НКЦПФР, General Legal Framework | Baker McKenzie

The National Securities and Stock Market Commission (NSSMC) is the principal capital markets regulator, responsible for licensing professional securities activities, registering securities issues, and supervising market participants. Who regulates banking and financial services | Baker McKenzie, About us – НКЦПФР

No entity has been licensed under a specific digital asset securities regime, as no such dedicated licensing framework for crypto-asset securities has yet entered into force; licensing currently applies only to traditional securities market activities. Securities issue – НКЦПФР, General Legal Framework | Baker McKenzie

Practical reality: crypto businesses operate in a legal gray zone, with tax and securities treatment unresolved, though the NSSMC is modernizing capital markets regulation in line with EU standards, including new market abuse and disclosure rules effective from 1 January 2026. General Legal Framework | Baker McKenzie

Ukraine is a member of IOSCO since 1996, and the NSSMC is not a signatory to the IOSCO Multilateral Memorandum of Understanding, limiting international cooperation mechanisms. Investment Climate Statements - U.S. State Department

The National Securities and Stock Market Commission (NSSMC) is the state collegial authority responsible for regulation of the securities market in Ukraine, organized commodity markets, and other capital market instruments. About us – НКЦПФР

The NSSMC adopts legally binding regulatory acts for market participants, licenses professional activities, registers securities issues, and oversees issuers' compliance with disclosure requirements; its website is https://www.nssmc.gov.ua. About us – НКЦПФР

The National Bank of Ukraine (NBU) and the NSSMC share oversight over different groups of financial institutions, with the NBU supervising insurance, leasing, factoring, credit unions, credit bureaus, pawnshops, and other financial companies, while the NSSMC regulates private funds including pension funds, construction financing, and real estate transactions. Who regulates banking and financial services | Baker McKenzie, Investment Climate Statements - U.S. State Department

The State Service of Financial Monitoring is the central body of the executive power acting as the financial intelligence unit, with the NBU and NSSMC acting as additional second-tier agencies for regulatory and oversight functions over initial financial monitoring institutions. Who regulates banking and financial services | Baker McKenzie

The NSSMC conducts prudential and market conduct supervision of professional market participants, carries out inspections and examinations, and detects and suppresses market manipulation and abusive market practices. About us – НКЦПФР

The Law of Ukraine "On State Regulation of the Securities Market in Ukraine" adopted in 1996 defines the main tasks of the Commission; on July 7, 2011, the body changed its name to the National Commission on Securities and Stock Market. About us – НКЦПФР

The Law of Ukraine "On Capital Markets and Organized Commodity Markets" dated 23 February 2006, No. 3480-IV ("Capital Markets Law") is a principal statute governing securities and capital markets; a new version was approved by the Ukrainian Parliament on 19 June 2020 to implement EU Directives and Regulations. General Legal Framework | Baker McKenzie

The Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets" dated 30 October 1996, No. 448/96-BP is another core legislation for capital markets regulation. General Legal Framework | Baker McKenzie

The Civil Code of Ukraine dated 16 January 2003, No. 435-IV and the Law of Ukraine "On Joint Stock Companies" dated 27 July 2022, No. 2465-IX ("JSC Law") provide foundational corporate law rules relevant to securities issuance and takeovers. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Depository System of Ukraine" dated 6 July 2012, No. 5178-VI sets out rules for registration and confirmation of rights to securities and settlement procedures. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Prevention and Counteractions of Legalization of Proceeds of Crime, Financing of Terrorism and Circulation of Mass Destruction Weapon" dated 6 December 2019, No. 361-IX ("UBO Law") set out rules relating to disclosure of ultimate beneficial owners. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Amendments to Certain Legislation of Ukraine Regarding Improvement of Corporate Governance of Joint Stock Companies" dated 23 March 2017, No. 1983-VIII introduced new takeover rules based on EU Directive 2004/25/EC, including mandatory tender bid, squeeze-out, and sell-out concepts. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine Regarding Simplifying Business Activity and Attraction of Investments by Securities Issuers" dated 16 November 2017, No. 2210-VIII overhauled the Ukrainian stock market by removing "quasi-public JSCs" and aligning public JSC requirements with EU regulations. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine Regarding the Improvement of Corporate Governance" dated 22 February 2024, No. 3587-IX came into effect on 8 March 2024, implementing best practices in corporate governance and aligning Ukrainian laws with EU standards. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Amendments to the Law of Ukraine 'On State Regulation of Capital Markets and Organized Commodity Markets' and Certain Other Legislative Acts of Ukraine on Improving State Regulation and Supervision of Capital Markets and Organized Commodity Markets" dated 22 February 2024, No. 3585-IX introduces enhanced disclosure requirements for inside information and new regulations on market abuse practices, effective 1 January 2026. General Legal Framework | Baker McKenzie

The Law of Ukraine "On Amendments to Certain Laws Regarding Facilitating Investments and New Financial Instruments" passed in June 2020 aims to bring Ukrainian legislation in line with key provisions of EU laws on capital markets including MiFID II, MiFIR, EMIR, the Settlement Finality Directive, and the Financial Collateral Directive. Investment Climate Statements - U.S. State Department

No dedicated law specifically regulating virtual assets as securities has been enacted into force; the draft Law "On the National Commission on Securities and Stock Exchanges" was registered in parliament in February 2021 to strengthen NSSMC independence and institutional capacity. Investment Climate Statements - U.S. State Department

The NSSMC is guided by the Objectives and Principles of Securities Regulation developed by the International Organization of Securities Commissions (IOSCO) and is a member of IOSCO. About us – НКЦПФР, Investment Climate Statements - U.S. State Department

Ukraine has been a member of IOSCO since 1996. Investment Climate Statements - U.S. State Department

The NSSMC is not a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information, which limits its ability to cooperate internationally on enforcement. Investment Climate Statements - U.S. State Department

The NSSMC concludes memoranda of understanding with foreign regulatory authorities, including Germany's BaFin, and participates in alignment of Ukrainian legislation with EU law as part of Ukraine's European integration process. About us – НКЦПФР

The NSSMC lacks financial and operational independence per U.S. State Department analysis, and Ukraine committed to adoption of the draft law on the National Commission as part of its IMF program. Investment Climate Statements - U.S. State Department

The NSSMC issues licenses for types of professional activities in the securities market, including investment firms, asset management companies, and depository institutions. About us – НКЦПФР

Professional capital market participants requiring licensing include investment firms, asset management companies, and depository institutions. About us – НКЦПФР

The NSSMC registers securities issues and prospectuses, and authorizes credit rating agencies. About us – НКЦПФР

The NSSMC has the power to apply enforcement measures and sanctions, including imposing fines, issuing orders to eliminate violations, suspending licenses, and suspending the circulation of securities. About us – НКЦПФР

The NSSMC may strip market participants of licenses required to carry out certain activities in the Ukrainian securities market for non-compliance with securities legislation. General Legal Framework | Baker McKenzie

With limited exceptions, only Ukrainian-licensed securities traders may handle securities transactions. Investment Climate Statements - U.S. State Department

The establishment of a joint-stock company requires NSSMC registration of share issues, which is a multi-stage process that includes submission of an application and all necessary documents for registration of the share issue through official channels to the NSSMC. Securities issue – НКЦПФР

The NSSMC registers the share issue and issues a temporary certificate of registration of the share issue, and the issuer must conclude an agreement with the Central Securities Depository on servicing securities issues. Securities issue – НКЦПФР

A report on the results of the share issue must be submitted to the NSSMC through official channels, and the NSSMC registers the report on the results of the share issue. Securities issue – НКЦПФР

The procedure for issuing shares when establishing a joint-stock company is determined by the NSSMC. Securities issue – НКЦПФР

The size of the authorized capital of a joint-stock company is increased by raising the nominal value of shares or by an additional issue of shares in accordance with the procedure established by the NSSMC. Securities issue – НКЦПФР

Registration of shares issued by joint-stock companies established and/or transformed from state-owned and municipal enterprises in the process of privatization or corporatization is carried out in accordance with the procedure established by the NSSMC. Securities issue – НКЦПФР

Share consolidation and stock split of a joint-stock company are carried out in accordance with the procedure established by the NSSMC. Securities issue – НКЦПФР

Registration of local government bond issues is carried out by the NSSMC in accordance with the procedure established by it. Securities issue – НКЦПФР

The specifics of issuance and trading of bonds of international financial organizations are specified by the NSSMC. Securities issue – НКЦПФР

Registration of the issue of REF certificates, registration of the issue and approval of an REF certificate prospectus can be carried out subject to the following requirements: the total nominal value of REF certificates issued by an issuer cannot exceed ten times this issuer's equity capital; the amount of REF certificates within the scope of the issue should be equivalent to at least EUR 100,000 at the official exchange rate of the National Bank of Ukraine on the date of the decision to issue REF certificates. Securities issue – НКЦПФР

The placement and/or circulation of securities of Ukrainian issuers outside Ukraine is made solely on the basis of the NSSMC's permission, requiring registration of securities issue and assumption of the same type of securities to stock trading at one of the Ukrainian stock exchanges. Securities issue – НКЦПФР

If the permit relates to the issuance of shares, the number of shares for which placement and circulation outside Ukraine is planned must not exceed 75% of the total number of shares of the respective issue. Securities issue – НКЦПФР

To date, zero entities have been licensed under any specific virtual asset or cryptocurrency securities regime in Ukraine, as no such dedicated licensing framework for digital asset securities has yet been enacted and brought into force. General Legal Framework | Baker McKenzie, Securities issue – НКЦПФР

Ukraine has a two-tier financial monitoring system: (i) initial financial monitoring carried out by banks and non-banking financial institutions (IMIs); and (ii) state-level financial monitoring. Who regulates banking and financial services | Baker McKenzie

The key enforcement role in the second tier belongs to the State Service of Financial Monitoring, which is regarded as a central body of the executive power acting as the financial intelligence unit. Who regulates banking and financial services | Baker McKenzie

The Law of Ukraine "On Prevention and Counteractions of Legalization of Proceeds of Crime, Financing of Terrorism and Circulation of Mass Destruction Weapon" dated 6 December 2019, No. 361-IX ("UBO Law") sets out rules relating to the disclosure of ultimate beneficial owners. General Legal Framework | Baker McKenzie

Both the NBU and the NSSMC, along with other competent authorities, act as additional second-tier agencies that carry out regulatory and oversight functions vis-à-vis the respective IMIs. Who regulates banking and financial services | Baker McKenzie

The Ukrainian government imposed restrictions ranging from a ban on payments and notarial and registration actions for the benefit of entities or individuals with ties to the Russian Federation or Belarus, to forced seizure of assets belonging to the same. General Legal Framework | Baker McKenzie

Ukrainian banks are required to monitor most foreign currency transactions under regulations that continued after the liberalization of currency controls. Investment Climate Statements - U.S. State Department

The NSSMC cooperates with law enforcement authorities and other regulators to exchange information and coordinate actions aimed at preventing market abuse and combating market manipulation. About us – НКЦПФР

The NSSMC applies enforcement measures and sanctions, including imposing fines, issuing orders to eliminate violations, suspending licenses, and suspending the circulation of securities. About us – НКЦПФР

The NSSMC may apply financial sanctions in the case of non-compliance with the takeover rules. General Legal Framework | Baker McKenzie

Non-compliant actors are subject to criminal liability in the case of gross non-compliance with the securities legislation. General Legal Framework | Baker McKenzie

The NSSMC carries out inspections and examinations, and detects and suppresses market manipulation, abusive market practices, and violations of investors' rights. About us – НКЦПФР

During the 2014-2015 banking crisis cleanup, over 100 banks were closed for insolvency or money laundering activities, demonstrating active enforcement in the broader financial sector. Investment Climate Statements - U.S. State Department

In fall 2020, Ukraine's Constitutional Court struck down certain provisions of the Law of Ukraine about NABU and the Law on Corruption Prevention, including provisions on e-declarations and on the powers of the National Agency on Corruption Prevention related to their verification, creating obstacles to new disbursements under IMF, World Bank, and EU assistance programs. Investment Climate Statements - U.S. State Department

Two banks were declared insolvent in 2020 due to non-compliance with capital requirements. Investment Climate Statements - U.S. State Department

The Constitutional Court is also considering cases challenging the constitutionality of the High Anti-Corruption Court and the Deposit Guarantee Fund, which have been criticized by the government as corruptly influenced. Investment Climate Statements - U.S. State Department

No tax guidance has been issued for virtual assets in Ukraine; no specific provisions on taxation of cryptocurrency or digital asset securities gains have been published. General Legal Framework | Baker McKenzie, Securities issue – НКЦПФР

The existing legal framework for securities does not distinguish between different tax treatments for digital asset securities versus traditional securities; no specific capital gains, income tax, or VAT rules for virtual assets are referenced. General Legal Framework | Baker McKenzie

Ukraine's capital and commodity markets remain underdeveloped, with liquidity limited and investors having few investment options; government bonds constitute 95 percent of trades on the ten stock exchanges. Investment Climate Statements - U.S. State Department

The commodity market in Ukraine does not have a transparent regulatory framework. Investment Climate Statements - U.S. State Department

The NSSMC lacks financial and operational independence, which undermines its ability to operate as a fully effective regulator. Investment Climate Statements - U.S. State Department

The NSSMC is not a signatory to the IOSCO Multilateral Memorandum of Understanding, limiting international cooperation on enforcement and information exchange. Investment Climate Statements - U.S. State Department

For many years, Ukrainian capital markets have struggled due to significant gaps and inconsistencies in the regulatory framework. Investment Climate Statements - U.S. State Department

There is no dedicated securities regulatory framework for virtual assets in force, creating significant legal uncertainty for businesses seeking to issue or trade crypto-asset securities in Ukraine. General Legal Framework | Baker McKenzie

Following the launch of the Russian Federation's invasion of Ukraine on 24 February 2022, a martial law regime has been in effect, prolonged every 3 months, which imposes limitations and special measures that affect the financial system and economy, and investments associated with entities or individuals with ties to Russia or Belarus are effectively banned. General Legal Framework | Baker McKenzie

The new Capital Markets Law provisions effective 1 January 2026 introduce enhanced disclosure requirements for inside information and new regulations on market abuse practices, but these do not specifically address virtual asset securities. General Legal Framework | Baker McKenzie

The practical reality is that crypto businesses face uncertainty regarding whether their activities fall within the scope of existing securities licensing requirements, as only Ukrainian-licensed securities traders may handle securities transactions with limited exceptions. Investment Climate Statements - U.S. State Department

The NSSMC's ongoing digitalization of regulatory processes is mentioned, but no specific timeline or framework for digital asset securities registration is provided. About us – НКЦПФР

The proposed reform to corporatize state and municipal enterprises by converting them into joint-stock companies is still subject to final legislative procedures, including the President's signature, before entering into force. General Legal Framework | Baker McKenzie

About us – НКЦПФР|НАЦІОНАЛЬНА КОМІСІЯ З ЦІННИХ ПАПЕРІВ ТА ФОНДОВОГО РИНКУ

Securities issue – НКЦПФР|НАЦІОНАЛЬНА КОМІСІЯ З ЦІННИХ ПАПЕРІВ ТА ФОНДОВОГО РИНКУ

Investment Climate Statements: Custom Report Excerpts - United States Department of State

General Legal Framework | Ukraine | Global Public M&A Guide | Baker McKenzie Resource Hub

1. Who regulates banking and financial services in your jurisdiction? | Ukraine | Global Financial Services Regulatory Guide | Baker McKenzie Resource Hub