Ukraine's Central Bank Opposes Current Crypto Bill, Demands Revisions Before Final Vote

According to ME News, on November 5 (UTC+8), the National Bank of Ukraine (NBU) stated that it does not support the current version of the draft legislation on the legalization and regulation of crypto assets, urging lawmakers to continue revising the bill before the final vote. The NBU supports advancing regulation in line with the European Union’s Markets in Crypto-Assets (MiCA) framework and International Monetary Fund recommendations, but believes that Draft Bill No. 10225-d still fails to address its key concerns. Additionally, the final text was only delivered late Tuesday evening, leaving insufficient time for review and lacking adequate transparency in the legislative process.
The NBU warns that foreign tokens not adequately regulated in their jurisdictions of issuance may enter Ukraine, some of which could function as electronic money, threatening monetary sovereignty and financial stability while circumventing requirements applicable to domestic equivalent assets. The NBU seeks the authority to assess and, if necessary, restrict their use. Regarding market access, the NBU states that an initial compromise had been reached to select three cryptocurrency exchange operators through competition, but the final draft delegates the number of permitted entrants over the first five years to the discretion of the securities regulator, raising concerns about monopolies and corruption. Under the draft, the National Securities and Stock Market Commission of Ukraine will become the primary regulator; existing crypto assets will be subject to a transitional tax rate of 5% until the end of 2028, and transactions between crypto assets are explicitly exempt from taxation. (Source: ODAILY)