Ukraine's central bank refuses to back the crypto bill headed for a final vote

Summary

The National Bank of Ukraine (NBU) said it will not support draft law No. 10225-d on virtual assets in its current form, after a parliamentary committee recommended it for a second reading and final adoption, CoinDesk and Bitcoin Magazine reported.

The bank said it backs regulation modeled on the EU's MiCA rules and IMF recommendations, but warned foreign-issued tokens that function as electronic money could enter Ukraine without matching supervision, threatening monetary sovereignty and financial stability; it wants power to assess and restrict them.

It also objected that the final text leaves the number of licensed trading-platform operators to the securities regulator's discretion instead of the agreed compromise of three chosen by competitive selection, which it said risks monopolization and corruption.

The NBU said it received the final text only late the evening before the committee vote and called the process "not sufficiently transparent"; Bitcoin Magazine said a final Verkhovna Rada vote is expected later in November.

Key facts

• Bitcoin Magazine, citing Interfax Ukraine, said the rules would take effect on July 1, 2027 if adopted, splitting supervision between the NBU and the securities commission. (Bitcoin Magazine)
• Both outlets said the committee version sets a reduced 5% tax rate through the end of 2028 for existing crypto assets and does not tax crypto-to-crypto trades; CoinDesk said the initial draft taxed gains at the standard 18% personal income tax plus a 5% military levy. (CoinDesk)
• The NBU: "The development of this market should not create threats to monetary sovereignty, price and financial stability, and economic security of Ukraine." (CoinDesk)
• CoinDesk noted Zelenskyy signed a virtual assets law in March 2022, but it never took effect because it depended on tax-code changes. (CoinDesk)