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Automatically translated version. May contain inaccuracies compared to the original.
Laws have stalled because of disputes between regulators.
Legislative initiatives to regulate the cryptocurrency market have been changing for seven years. Some of them have even been put to a vote in the Verkhovna Rada. However, no law regulating the circulation of cryptocurrencies has yet entered into force. “There are many ideas, the process is active, and the result is zero,” writes journalist and TV presenter 1+1 Yevhen Plinsky in the article “Catch the crypto if you can!”.
In particular, the Law of Ukraine “On Virtual Assets” of 17 February 2022 was adopted, but it has not entered into force. According to its final and transitional provisions, the law shall enter into force on the day the amendments to the Tax Code of Ukraine regarding the specifics of taxation of transactions with virtual assets enter into force.
This issue could potentially be resolved by draft law No. 10225-d, which on 3 September 2025 was adopted in principle. Since then it has been in preparation for the second reading. At the same time, there are significant differences between the NBU’s and the NSSMC’s positions regarding its provisions.
“The unresolved question between them in the potential law is the future boundary of competence of the respective supervisory bodies. The NBU insists on a clear division of services and supervised institutions, while the NSSMC and the Verkhovna Rada committee use a model under which the NSSMC would cover a large part of the market,” the author explains.
According to him, the National Bank advocates banning the exchange of crypto assets for cash, arguing this would lead to a loss of control over transactions, risks of circumventing currency restrictions, and violations of anti-money laundering and counter-terrorist financing (AML/CTF) requirements.
At the same time, the position of the Verkhovna Rada committee chaired by Danylo Hetmantsev envisages the possibility of legal cash operations through official cash desks, provided there is financial monitoring. This approach raises concerns because of the lack of a complete digital trail of transactions, the possibility of splitting payments, the use of nominal clients, and combining crypto operations with traditional cash currency exchange.
The NBU also categorically opposes the use of virtual assets as an equivalent of value when settling for goods, works, or services. The risk lies in the de facto formation of an alternative payment system if crypto assets are used for systematic settlements outside the banking system.
“Beyond this struggle for control, lobbyists for schemes, fraudulent call centers, and ‘conversion centers’ are trying to reach into the process of preparing the draft law for its second reading with their amendments; they oppose regulation of this market. Their goal is to leave everything as it is. Given the inertia of the process, they are managing to achieve something,” the author adds.
Document: PDF proof of the original version of the news item "Готівкові операції та контроль над крипторинком: чому НБУ і НКЦПФР не можуть домовитися". It records the publication content at the moment of the first scan, the preservation date and the source: ZN.ua.
