National Bank of Ukraine withholds support for crypto bill ahead of final vote
The National Bank of Ukraine said it cannot back draft law No. 10225-d in its current form, raising concerns over monetary sovereignty, regulatory arbitrage, and licensing risks as lawmakers prepare for a final vote.
The National Bank of Ukraine announced on Nov. 4 that it cannot support draft law No. 10225-d on virtual assets in its current form, calling on lawmakers to rework the legislation ahead of its second reading. The central bank raised concerns surrounding monetary sovereignty as the bill moves toward a final vote.[1][3][4]
The central bank's announcement came the same day the Verkhovna Rada's Committee on Finance, Tax and Customs Policy voted 20 in favor to recommend the bill for second reading and full adoption. Under the committee's text, the National Securities and Stock Market Commission would serve as the primary crypto regulator, while the central bank would supervise electronic money tokens starting July 1, 2027. NBU Deputy Governor Oleksii Shaban voiced objections at the committee meeting, though the bank stated it received the final text late on Nov. 3 and had inadequate opportunity for full expert discussion.[1]
The NBU highlighted three major issues with the revised text, warning that foreign tokens functioning as e-money could enter Ukraine without regulatory supervision and that foreign assets could bypass rules applied to domestic counterparts through regulatory arbitrage. The bank also warned of monopolization and corruption risks in market licensing. While the NBU had agreed to limit crypto trading-platform operators to three companies in the first phase, the approved draft sets no operator cap for the first five years and leaves licensing numbers entirely to the NSSMC.[1][2]
The Rada passed the bill's first reading on Sept. 3, 2025, and committee first deputy chair Yaroslav Zheleznyak said a plenary vote is planned for November. Despite its objections to the current draft, the NBU stated that it still supports regulating the crypto market along the lines of the European Union's MiCA framework and remains willing to continue refining the legislation.[1]
Key facts
- The National Bank of Ukraine announced on Nov. 4 that it cannot support crypto bill No. 10225-d in its current form and requested revisions before the second reading.
- The NBU cited concerns over monetary sovereignty, unregulated foreign e-money tokens, regulatory arbitrage, and licensing corruption risks.
- The Rada's Committee on Finance, Tax and Customs Policy voted 20 in favor to recommend the bill for second reading and adoption as a whole.
- Under the recommended text, the NSSMC would be the lead crypto regulator, while the NBU would oversee electronic money tokens starting July 1, 2027.
- The bill text approved by the committee sets no cap on the number of crypto trading-platform operators for the first five years, leaving the decision to the NSSMC despite the NBU previously agreeing to an initial limit of three.
- The Rada passed the bill in its first reading on Sept. 3, 2025, with a plenary vote targeted for November.
- The NBU continues to back regulating the market along the lines of the European Union's MiCA framework.
Sources · 4 sources
- UN
UnchainedArticle ·
Ukraine’s Central Bank Withholds Support as Crypto Bill Nears Final Rada Vote The National Bank of Ukraine (NBU) said on Nov. 4 that it cannot support bill No. 10225-d , the country’s draft law on virtual assets, in its current form, and asked lawmakers to rework it before the second reading. The central bank set out its position in a Telegram post on the same day a parliamentary committee voted to send the bill back to the floor. The Verkhovna Rada’s Committee on Finance, Tax and Customs Policy recommended the bill for second reading and adoption as a whole, with 20 members voting in favor. Under that text, the National Securities and Stock Market Commission (NSSMC) would be the crypto market’s main regulator, while the NBU would oversee electronic money tokens. The rules would apply from July 1, 2027 . The NBU said it got the final text only late on Nov. 3, and that the draft drops several compromises struck in a working group of lawmakers, the NSSMC, market players, government agencies and international partners. In Unchained’s translation of the Ukrainian post, the bank said “the process of working on the document was not sufficiently transparent.” Deputy Governor Oleksii Shaban raised the bank’s objections at the committee meeting, but the NBU said the format left no room for a full expert discussion. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Three Risks First, the NBU said foreign tokens that can function as e-money in practice could enter Ukraine even if no one regulates or supervises them where they were issued. It wants the authority to assess such tokens and, if needed, restrict them, as it already can for tokens issued in Ukraine. Second, it said easier admission of foreign virtual assets should not let them sidestep rules that cover comparable Ukrainian assets, warning of regulatory arbitrage . Third, the bank pointed to risks of monopolization and corruption when the NSSMC licenses market participants. The NBU first wanted no cap on trading-platform operators that met the requirements, then accepted an NSSMC proposal to allow three companies, picked by competition, in the first stage. But “the final version of the bill does not set a clear number of operators that may work during the first five years,” the NBU said, adding that the choice now rests with the NSSMC alone. Why It Matters The NBU’s objection goes to who controls entry to Ukraine’s crypto market, a question the bill has already answered two ways: a 2025 version named the central bank as the base regulator, and the committee text now gives that role to the NSSMC. With the central bank declining to back it, the bill heads toward a floor vote without the support of one of the two regulators that would enforce it. The Rada passed the bill in first reading on Sept. 3, 2025 . Its second reading was pushed to the autumn in July for lack of interagency consensus and votes, MP Olha Vasylevska-Smahliuk told Interfax-Ukraine. Committee first deputy chair Yaroslav Zheleznyak said the plenary vote is planned for November. The NBU said it still backs regulating the market along the lines of the EU’s MiCA framework and remains ready to keep working on the bill. Related Listen: Why Banks Failed to Kill Stablecoin Rewards in the Clarity Act The post Ukraine’s Central Bank Withholds Support as Crypto Bill Nears Final Rada Vote appeared first on Unchained .
Open source - LS
Laura Shin@laurashinPost on X ·
Ukraine's central bank says it had agreed to a cap of three crypto trading-platform operators in the first stage. The bill text a Rada committee approved on Nov. 4 sets no number for the first five years and leaves that call to the NSSMC. https://t.co/HKBsamJcML
Open source - CO
CoindeskArticle ·
Ukraine’s central bank opposes crypto bill, citing monetary sovereignty concerns Ukraine’s central bank won’t back a crypto legalization bill in its current form and wants lawmakers to revise it before a final vote.
Open source - CB
Crypto BriefingArticle ·
National Bank of Ukraine opposes crypto legalization bill over sovereignty concerns The NBU's opposition highlights the tension between embracing innovation and maintaining control over national financial systems, impacting regulatory strategies. The post National Bank of Ukraine opposes crypto legalization bill over sovereignty concerns appeared first on Crypto Briefing .
Open source