Disagreements over foreign crypto assets, market access, and licensing powers threaten to complicate Ukraine’s efforts to establish a comprehensive cryptocurrency framework.
Ukraine’s National Bank (NBU) has opposed the latest version of the country’s cryptocurrency regulation bill, warning that its provisions could undermine monetary sovereignty, create unequal market conditions and encourage monopolisation among crypto trading platforms. In a 4 November statement, the central bank said draft law No. 10225-d still fails to address several concerns ahead of its second reading in parliament.
One of the NBU’s main objections concerns foreign-issued tokens that could function as electronic money without being subject to equivalent regulatory oversight in their countries of issuance. The bank warned that allowing such assets to circulate without adequate safeguards could undermine monetary policy transmission and create risks for Ukraine’s payment infrastructure. It wants the authority to assess foreign virtual assets before they enter the Ukrainian market and apply comparable safeguards to those imposed on domestic issuers, preventing regulatory gaps and unequal treatment.
The proposed licensing framework for crypto trading platforms has also drawn criticism. The NBU warned that leaving the number of authorised operators to the discretion of the National Securities and Stock Market Commission could create opportunities for monopolistic practices and corruption. It called for transparent authorisation procedures and clear competition safeguards to ensure that access to the market is governed by predictable rules.
The dispute comes as Ukraine moves towards establishing a comprehensive framework for crypto assets. Parliament approved the bill at its first reading in September 2025, while the latest draft proposes an implementation date of 1 July 2027 and a preferential 5% tax rate on qualifying crypto profits until the end of 2028. Although the parliamentary finance committee has recommended advancing the legislation, the NBU wants the disputed provisions revised before final adoption.
Why does it matter?
Ukraine’s regulatory debate highlights a broader challenge facing governments seeking to integrate crypto assets into established financial systems: balancing effective oversight with open and competitive markets. How the country resolves these disagreements could influence investor confidence, the development of its domestic crypto industry and its ability to attract international businesses. Ultimately, a successful regulatory framework must provide legal certainty without allowing supervisory powers to become barriers to market participation.
About author
Nikoleta Selena
Nikoleta Selena is a DigWatch team member, Knowledge Fellow, and specialised content writer since 2024, covering emerging technologies including blockchain, cryptocurrency, fintech, AI, quantum technology, and encryption. Her work spans research, analysis, news, and specialised content on technological and policy developments.
