Ukrainian is expected to enact a law regulating digital assets by the end of 2025, in alignment with the framework of the European Union. The regulatory remit is expected to be split between the National Bank and the National Securities and Stock Market Commission (NSSMC), which which has recently undergone significant staff turnover among its senior experts. This program is jointly implemented by Financial Innovation for Impact (a spin-off of the University of Cambridge) and the OECD’s Capital Market and Financial Institution Division, each contributing according to their comparative advantage. It is co-funded with the United Kingdom.

The program supports Ukrainian financial regulators in fostering economic growth, recovery, and reconstruction by strengthening regulatory frameworks. It builds capacity in regulating digital assets and crowdfunding, applying artificial intelligence, and improving governance and core support functions.

Ukrainian financial authorities’ staff have increased knowledge of digital assets and regulation

Ukrainian financial authorities implement an effective approach to oversee and support the digital assets sector, including licensing and supervisory regimes

NSSMC’s institutional capacity, including staff competences and regulatory role are enhanced

NSSMC staff have increased knowledge on crowdfunding market, and regulatory tools

NSSMC takes steps to provide greater regulatory clarity regarding the status and operation of crowdfunding platforms, as well as the obligations of issuers

Increased capacity within the NSSMC to drive digital, governance, and audit transformation within the organisation.

NSSMC has increased awareness of AI applications for supervisory, licensing and internal operational processes

Expected results:  

Training of Trainers programme on digital assets delivered to up to 5 trainers who will then train wider organization to embed expertise within financial authorities on digital assets.

Support the Financial Intelligence Unit Academy in development of content and delivery of a digital asset course

Report on the Ukrainian digital assets market, leveraging existing tools of the Cambridge Center for Alternative Finance

Support on licensing regime implementation to ensure a licensing application experience which is intuitive, and which allows timely submission of information

Results from previous phases:  

In 2024 SECO and Financial Innovation for Impact organized a pilot program to address knowledge and skills gaps of Ukrainian financial authorities in the space of regulating digital assets. The pilot started in April 2024 and was completed in March 2025. Participants were divided into two cohorts and were trained through online courses of the University of Cambridge’s Centre for Alternative Finance (foundational and globally focussed) and a series of workshops (tailored and Ukraine focussed). The program has been oversubscribed with 66 Ukrainian senior regulators of the National Bank of Ukraine, the National Securities and Stock Market Commission, the Financial Intelligence Unit and the Ministry of Digital Transformation signing up. This has allowed SECO and Financial Innovation for Impact to build up strong relationships with the relevant counterparts and to prepare this broader engagement.