“We are looking forward to cooperating closely with our partner authority in Ukraine,” explained Rupert Schaefer, Chief Executive Director of Strategy, Policy and Control at BaFin. “We want to give the Ukrainian supervisors the best support possible and share our supervisory experience of the EU legal framework. It is also just as important for us to learn from our colleagues there”.

The agenda for the first joint workshop focussed on fundamental questions about virtual assets with an emphasis on operational supervisory experience. A legislative procedure regarding the treatment of investments in cryptoassets is currently underway in Ukraine. Last year, the Markets in Crypto Assets Regulation (MiCAR) entered into force in the European Union (EU).

Long-term partnership

BaFin and the NSSMC wish to continue working together over the long term on the basis of a declaration of cooperation. The envisaged collaboration will extend to all important subject areas of financial supervision.

Such cooperation between the two supervisory authorities will also represent a tangible result of the Joint Declaration of Intent on Strengthening Cooperation between the Federal Ministry of Finance of the Federal Republic of Germany and the Ministry of Finance of Ukraine, which was signed by the Federal Minister of Finance Christian Lindner and his Ukrainian counterpart Sergii Marchenko in August 2023.