Ukraine’s National Bank has rejected draft law No. 10225-d in its current form, asking lawmakers to revise the cryptocurrency framework before it advances to a final vote. The bank said the legislation must protect monetary sovereignty, price and financial stability, and the country’s economic security while establishing rules for virtual assets.
The NBU supports regulation aligned with the European Union’s Markets in Crypto-Assets framework, international standards and International Monetary Fund recommendations. But it said the final draft failed to reflect several agreements reached during discussions involving lawmakers, the securities regulator, market representatives, government agencies and international partners.
The bank received the committee-backed version late on Nov. 3, shortly before a Nov. 4 committee meeting. NBU Deputy Governor Oleksii Shaban presented the institution’s objections, but the bank said the meeting format did not allow for a full professional debate. The NBU also criticized the review process as insufficiently transparent.
One central concern is the treatment of foreign-issued tokens that could function like electronic money. The bank warned that some may enter Ukraine without equivalent supervision in their countries of issuance, potentially affecting monetary-policy transmission, payment infrastructure and financial stability.
The NBU also objected to the proposed authorization system for crypto trading platforms. It had initially favored allowing any operator that met regulatory requirements, then accepted a compromise limiting the first stage to three entities selected competitively. The latest version does not specify the number of permitted operators during the first five years, leaving that decision to the National Securities and Stock Market Commission. The central bank said the arrangement could encourage monopolization or corruption unless lawmakers create clear and transparent safeguards.
The Verkhovna Rada approved the bill in its first reading in September 2025. The finance committee has recommended moving the bill through its second reading, but the NBU’s opposition means the text remains contested before parliament decides whether to adopt it. Separately, Ukrainian authorities transferred more than $8. 3 million in seized cryptocurrency to state asset management in June, underscoring that the government is already dealing with digital assets while lawmakers continue debating their broader legal status.