Ukraine’s central bank objects to crypto bill’s foreign-token rules

In a November 4 statement, the NBU said draft law No. 10225-d did not resolve concerns raised in discussions with lawmakers and industry representatives. The bank supports regulating crypto under the European Union’s Markets in Crypto-Assets framework, or MiCA, but said the latest draft left key safeguards out.

The NBU warned that some foreign-issued tokens could function as electronic money without equivalent supervision in their countries of issue. Their circulation, it said, could undermine monetary sovereignty, hinder monetary-policy transmission and put payment infrastructure at risk. The bank wants authority to assess foreign tokens before they enter Ukraine and, where necessary, restrict their circulation. It also called for admission rules that prevent overseas issuers from avoiding requirements imposed on domestic companies.

The bill’s provisions for licensing crypto trading platforms drew a separate objection. The NBU said leaving the number of authorized operators in the first five years to the National Securities and Stock Market Commission’s discretion could enable monopolization or corruption. The bank had initially supported allowing any number of operators that met regulatory requirements. It later accepted a proposed compromise limiting initial authorization to three legal entities chosen through a competitive process, but said the latest draft removed that cap without adding clear safeguards or transparent decision rules.

The Verkhovna Rada approved the bill at first reading in September 2025, with 246 lawmakers in favor and 31 opposed. It sets out taxation rules and requirements for virtual asset service providers. The draft is scheduled to take effect on July 1, 2027, and provides a preferential 5% tax rate for qualifying crypto profits through the end of 2028. The NBU said it received the committee-recommended text late on November 3, leaving little time to review it before the next day’s meeting. Deputy Governor Oleksii Shaban presented the bank’s objections, but the NBU said the meeting did not allow for a detailed discussion. The parliamentary finance committee recommended approval at second reading and in full; the securities commission has also backed advancing the bill.