The National Bank of Ukraine has rejected the latest draft of Ukraine’s crypto regulation bill, warning that it could admit foreign tokens without adequate oversight and leave exchange licensing vulnerable to monopoly and corruption risks. In a statement on November 4, 2026, the central bank called for revisions before lawmakers adopt the legislation.
Key takeaways
The central bank opposes draft law No. 10225-d ahead of its second reading.
The NBU wants comparable safeguards for foreign and domestic tokens.
The revised licensing provisions leave operator numbers to the securities regulator.
The parliamentary finance committee recommended approval despite the objections.
Central bank rejects Ukraine’s crypto regulation draft
The NBU says draft law No. 10225-d leaves unresolved concerns about financial stability, unequal market-entry requirements and excessive regulatory discretion. It supports rules aligned with the European Union’s Markets in Crypto-Assets framework, or MiCA, but wants changes before adoption.
The bank also challenged the review process. Although it participated in the drafting working group, it said the committee-recommended text arrived only late on November 3, leaving little time to assess amendments before the November 4 meeting.
Deputy Governor Oleksii Shaban presented the objections at that meeting. The NBU said the discussion format prevented detailed consideration of its concerns, and criticized the process as insufficiently transparent. The parliamentary finance committee nevertheless recommended approval at second reading and in full.
The Verkhovna Rada passed the legislation at first reading in September 2025, with 246 votes in favor and 31 against. The framework covers cryptocurrency taxation and requirements for virtual asset service providers.
The securities regulator previously proposed a 23% tax on individual crypto income, combining an 18% personal income tax with a 5% military levy. The latest draft instead includes a preferential 5% rate for qualifying crypto profits through the end of 2028 and a proposed effective date of July 1, 2027.
Foreign tokens face scrutiny over electronic-money functions
The central bank warns that foreign-issued tokens could operate as electronic money in Ukraine without equivalent supervision in their home jurisdictions. It says circulation without safeguards could weaken monetary sovereignty, disrupt monetary-policy transmission and threaten payment infrastructure.
The NBU wants authority to examine foreign tokens before admission and limit their circulation where necessary. Those powers would mirror its authority over domestically issued tokens, enabling comparable safeguards across both categories.
Equal treatment is another point of dispute in Ukraine’s crypto regulation proposal. The bank argues that simplified entry procedures must not let overseas issuers avoid obligations that Ukrainian companies must meet, leaving parts of the market beyond effective state supervision.
Its proposed approach calls for consistent admission standards for foreign and domestic virtual assets to prevent regulatory arbitrage.
Exchange licensing dispute centers on regulator discretion
The revised bill would let Ukraine’s National Securities and Stock Market Commission determine how many crypto trading platform operators receive authorization during the first five years. The NBU says that discretion lacks adequate protections against anticompetitive conduct and creates opportunities for monopolization and corruption.
The central bank originally favored admitting any number of operators that met the regulatory requirements. It later accepted the securities regulator’s compromise: authorization for three legal entities, chosen competitively. The latest draft removes that fixed limit.
The NBU is seeking clear, transparent authorization rules. The securities commission, meanwhile, supports advancing the legislation, arguing that formal regulation would place existing cryptocurrency activity under state supervision and clarify obligations for participants.
The central bank has asked parliament to revise the disputed provisions with the institutions and industry representatives involved in drafting the bill.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.