The National Bank of Ukraine did not support Bill No. 10225-d on the regulation of the virtual asset market in its current form. The regulator warns that certain provisions of the bill could pose risks to the hryvnia, financial stability, and competition in the cryptocurrency market.

At the same time, the NBU emphasizes that, in general, it supports the legalization of cryptocurrencies in accordance with the European MiCA regulations and IMF recommendations. Its concerns relate to specific provisions of the revised draft.

The National Bank has identified three main issues. The first is the possibility of using foreign tokens that effectively function as electronic money but are not subject to proper oversight. According to the regulator, this could threaten Ukraine’s monetary sovereignty and payment system.

The second issue is the risk of circumventing regulatory requirements, which could give foreign market participants an advantage over Ukrainian companies. The third is the potential for monopolization of the crypto market and corruption during the licensing of crypto exchanges.

The NBU has called on lawmakers to revise the bill and establish transparent rules for admitting operators to the market. The regulator stated that it cannot support the bill unless these fundamental concerns are addressed.

At the same time, the bill provides for the taxation of profits from cryptocurrency transactions. It proposes that the exchange of one virtual asset for another not be taxed. For assets acquired before the law takes effect, a preferential personal income tax rate of 5% is provided through the end of 2028.

Cryptocurrency exchanges and other service providers will be required to obtain authorization, comply with financial monitoring requirements, and verify the origin of funds.

The bill is expected to be considered in its second reading in November. If passed, the new rules could take effect on July 1, 2027.

Source: National Bank of Ukraine.

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