Ukraine's central bank challenges virtual asset bill
Key points
- The National Bank of Ukraine (NBU) rejected the current version of virtual asset Bill No. 10225-d.
- The central bank identified three concerns involving foreign tokens, regulatory gaps and potential monopolisation.
- The NBU urged lawmakers to revise the legislation while aligning it with European MiCA standards.
The National Bank of Ukraine has opposed Bill No. 10225-d, challenging provisions governing foreign tokens and crypto market access.
The proposed legislation seeks to regulate Ukraine's virtual asset market using the European Union's Markets in Crypto-Assets Regulation (MiCA) framework.
“The development of this market must not create threats to monetary sovereignty, price and financial stability, or Ukraine's economic security,” the National Bank of Ukraine said.
The NBU warned that foreign tokens resembling electronic money could bypass existing oversight and threaten Ukraine's monetary policy and payment infrastructure.
The central bank also criticised simplified admission rules that could allow foreign virtual assets to avoid requirements imposed on comparable domestic assets.
The third concern involves authorisation powers held by the National Securities and Stock Market Commission, which the NBU said could enable monopolisation and corruption.
The NBU previously accepted a compromise limiting trading platform operators to three entities initially, but the final bill lacks a clear five-year limit.
The initiative highlights Ukraine's effort to regulate digital assets without weakening monetary sovereignty or financial stability.
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