Ukraine’s central bank opposes the current crypto bill, citing concerns over monetary sovereignty, and calls for revisions before final approval.

Ukraine's National Bank (NBU) has announced it will not support the current version of the bill legalizing and regulating crypto assets, urging lawmakers to continue revising the draft ahead of its final vote. The NBU said it backs advancing regulation aligned with the EU’s MiCA framework and International Monetary Fund (IMF) recommendations, but noted Draft No. 10225-d still fails to address its core concerns. The final text was delivered only on Tuesday evening, leaving insufficient time for review, and the legislative process lacks transparency, the central bank added. The NBU warned that foreign tokens not adequately regulated in their jurisdictions of origin could enter Ukraine, with some potentially functioning as electronic currency, threatening monetary sovereignty and financial stability, and possibly evading rules applicable to domestic crypto assets. The central bank seeks authority to assess and restrict such tokens’ use if needed. On market access, the NBU said an initial compromise was reached to select three crypto exchange operators via competition, but the final draft leaves the number of new market entrants for the first five years to the securities regulator’s discretion, raising fears of monopoly and corruption risks. Per the bill, Ukraine’s National Securities and Stock Market Commission will serve as the primary crypto regulator, a 5% transitional tax will apply to existing crypto assets through the end of 2028, and crypto-to-crypto trades are explicitly tax-exempt.