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Наталя ХандусенкоCrypto
5 November 2026, 14:20
2026-11-05
The NBU opposed the current version of the draft law on crypto assets: what are the 3 main risks the regulator sees
The National Bank of Ukraine has opposed the wording of the draft law No. 10225-d on the circulation of virtual assets, which the relevant Committee of the Verkhovna Rada recommended for the second reading. Despite supporting market regulation based on European MiCA standards and IMF recommendations, the regulator states that the final text poses threats to the country's monetary sovereignty and financial stability.
The National Bank of Ukraine has opposed the wording of the draft law No. 10225-d on the circulation of virtual assets, which the relevant Committee of the Verkhovna Rada recommended for the second reading. Despite supporting market regulation based on European MiCA standards and IMF recommendations, the regulator states that the final text poses threats to the country's monetary sovereignty and financial stability.
As noted in the National Bank, the final document was received by the NBU only on the eve of the vote in the evening, and it does not take into account a number of principled agreements reached during the work of the special working group. During the meeting of the Committee, Deputy Chairman of the NBU Oleksiy Shaban voiced the regulator's remarks, but the format of the meeting did not allow for a full-fledged discussion.
Three key risks of draft law No. 10225-d according to the NBU
The National Bank publicly outlined the main problems with the current text:
Uncontrolled admission of foreign tokens: the draft law allows the entry into the Ukrainian market of foreign tokens that can actually perform the functions of electronic money, but are not subject to proper supervision in the issuing countries. The NBU insists on the right to assess the risks of such assets and limit their circulation in the same way as for Ukrainian tokens.
Regulatory gaps and uneven playing field: simplified rules for foreign virtual assets create risks of regulatory arbitrage, allowing them to circumvent the requirements established for Ukrainian counterparts and remove certain market segments from state supervision.
Risks of monopolization and corruption during authorization: The NBU notes that the final version leaves it to the discretion of the NSSMC to decide on the number of trading platform operators that will be allowed to operate during the first five years. This deviates from the compromise agreement to limit their number to three companies in the first stage through a transparent competition and creates corruption risks.
Regulator position
The National Bank emphasizes that the development of the crypto market should not contradict the protection of monetary sovereignty and confidence in the hryvnia.
"The National Bank has made significant efforts to find compromises and form a balanced regulatory model. However, disregarding the NBU's fundamental comments makes it impossible to support draft law No. 10225-d in its current version," the regulator's press service summarizes.
The NBU called on the people's deputies to return the document for revision and take into account the comments for the second reading.
Context
Bill No. 10225-d is designed to create a legal framework for the virtual assets market in Ukraine, determine the status of cryptocurrencies, their taxation rules, and distribute powers between regulators (NBU and NCSMC). The basic law on virtual assets was adopted back in 2022, but its entry into force is tied to the adoption of amendments to the Tax Code and the updating of relevant legislation in accordance with European MiCA (Markets in Crypto-Assets) standards.
