The National Bank of Ukraine Refused to Support the Crypto Market Bill in Its Current Version

The National Bank of Ukraine did not support the current version of draft law No. 10225-d on crypto market regulation.

The central bank said it supports regulating the virtual assets market based on the European MiCA approach, international standards, and IMF recommendations. At the same time, the institution stressed that the sector’s development must not threaten Ukraine’s monetary sovereignty, financial stability, or economic security.

According to the regulator, it received the final version of the draft law recommended by the committee for the second reading only late in the evening on the eve of the meeting. The document, the NBU claims, does not reflect a number of fundamental agreements reached during work on it. Deputy Governor Oleksii Shaban voiced the comments at the committee meeting, but the format of the discussion did not allow for a полноценна expert debate.

The National Bank outlined three key objections to the draft law.

The first concerns the uncontrolled admission of foreign tokens. In the NBU’s view, the document opens the market to foreign assets with e-money functions that are often not even regulated in their home countries. To protect the payments infrastructure, monetary sovereignty, and financial stability, the central bank insists on the right to independently assess such risks and restrict the circulation of suspicious tokens.

The second issue is regulatory gaps and uneven playing conditions. Simplified entry for foreign assets should not become a legal way to bypass the rules that apply to Ukrainian tokens, as this would push part of the market out from under state oversight.

The third risk is the threat of monopolization and corruption. The NBU is concerned that the NSSMC has been given too much discretion in authorizing trading venues. Initially, the central bank opposed limiting the number of companies as long as they met the requirements. Later, the regulator reached a compromise and agreed with the idea of the NSSMC selecting only three operators at the first stage through a конкурс. However, in the final text, the specific number disappeared, and decisions for the next five years were left solely to the Commission’s discretion, creating grounds for corrupt abuse.

In the end, the NBU said it cannot support the document in its current form and urged lawmakers to revise it taking its comments into account.

NSSMC’s position 

Unlike the National Bank, the NSSMC supported draft law No. 10225-d and the профильний committee’s decision to recommend its adoption at the second reading and as a whole.

The commission emphasized that the document is the result of long-term joint work involving the NBU, parliamentary committees, the Ministry of Digital Transformation, and other state bodies. The proposals are based on the European MiCA model, which sets rules for market participants, requirements for service providers, and investor protection mechanisms.

The NSSMC noted that the virtual assets market in Ukraine is already operating despite the lack of dedicated legislation. Therefore, in the regulator’s view, the main task is to bring it out of the gray zone and introduce clear rules and state oversight.

The commission also stated that the presence of contentious issues should not stand in the way of creating a legal framework for the industry. In its assessment, adopting the document will contribute to the development of a legal market, increase trust among its participants, and integrate Ukraine into the European financial space.

The NSSMC urged the Verkhovna Rada to continue moving the draft law forward and adopt it as soon as possible.

As a reminder, the Verkhovna Rada passed the draft law at the first reading back in September 2025.