Ukraine Central Bank Opposes Draft Crypto Bill Over Regulatory Concerns

The National Bank of Ukraine (NBU) has officially declared its refusal to support a new legislative proposal concerning the regulation of virtual assets. The draft law, known as 10225-d, recently received approval from a parliamentary committee for a final vote, but the central bank argues that the current text fails to address critical safeguards regarding the circulation of foreign tokens and the licensing of trading platforms.

As the Ukraine Central Bank continues to monitor the evolving digital asset landscape, officials have warned that the proposed framework leaves certain foreign tokens—which function similarly to electronic money—outside of their regulatory purview. The NBU expressed concerns that this lack of oversight could jeopardize the nation's monetary sovereignty, impact the transmission of monetary policy, and threaten overall financial stability.

Concerns over the Ukraine Central Bank oversight

According to the NBU, the legislative process leading to the committee's recommendation was not sufficiently transparent, noting that the final version of the bill was provided only hours before the vote. Deputy Governor Oleksii Shaban voiced the bank's objections during the session, though the NBU stated that the meeting format prevented a comprehensive debate. The central bank maintains that it supports the general direction of aligning Ukrainian rules with the European Union’s Markets in Crypto-Assets (MiCA) regulation and IMF recommendations, but insists that the current draft lacks necessary parity.

Specifically, the bank argues that foreign virtual assets should not be permitted to bypass rules applied to domestic assets. Furthermore, the NBU raised alarms regarding potential monopolization and corruption risks associated with the National Securities and Stock Market Commission’s authority to license platform operators. While the bank had previously agreed to a compromise involving a limited number of operators, the final draft removed specific caps, leaving the commission with broad discretion and insufficient antitrust protections.

The NBU warns that the proposed crypto bill threatens monetary sovereignty and lacks essential regulatory safeguards.

If the Verkhovna Rada approves the bill in its upcoming vote, the new regulations are slated to take effect on July 1, 2027. The framework would divide supervisory duties between the NBU and the securities commission, while also establishing tax rules for virtual asset trades. The NBU has called on lawmakers to refine the document through further cooperation to ensure that market development does not come at the expense of financial stability.

Why it matters

The outcome of this legislative debate will determine how digital assets are integrated into Ukraine's state finance system. By potentially excluding the central bank from oversight of foreign tokens, the bill could create regulatory gaps that affect the broader financial sector. This conflict highlights the ongoing tension between fostering a modern crypto market and maintaining the strict control necessary to protect a national economy from external financial shocks.