In accordance with the requirements of the Memorandum between Ukraine and the IMF, the team of the National Securities and Stock Market Commission of Ukraine presented a model for the distribution of roles and responsibilities between the NSSMC and the NBU for regulating this market.
It is developed based on the analysis of the EU's experience with MICA standards and was previously presented to the IMF mission.
This is reported by the National Securities and Stock Market Commission of Ukraine.
The following distribution between potential regulators is proposed:
The NSSMC supervises the issuance and circulation of tokens (except for electronic money),
controls the activities of ART issuers and service providers with virtual assets (except for exchanges for money),
and also combats abuses. Cooperation of regulators
Regulators timely inform each other about observations and conclusions, as well as exchange information regarding the implementation of state regulation and supervision necessary for the exercise of their powers.
Regulators have the right to receive information necessary for exercising the powers assigned to them by law from each other's databases, which are maintained for the purpose of state regulation and supervision in the virtual assets market.
Cooperation between regulators to ensure the protection of the rights of clients and owners of virtual assets, including the exchange of information regarding client complaints and violations in the virtual assets market.
Organizational and procedural issues of interaction between regulators are determined by the procedure for information interaction of the NSSMC and NBU.
