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Automatically translated version. May contain inaccuracies compared to the original.
The National Bank of Ukraine has highlighted three principal risks of Draft Law No. 10225-d on the circulation of virtual assets. The regulator warns against uncontrolled admission of foreign tokens, regulatory gaps, and potential abuses during the authorization of market participants.
As Dilo reports, this information comes from the NBU press service.
The National Bank of Ukraine supports regulating the virtual assets market in line with the European MiCA approach, international standards, and IMF recommendations. At the same time, the regulator stated there are risks in the final edition of Draft Law No. 10225-d, recommended by the profile committee of the Verkhovna Rada for the second reading.
The NBU emphasizes that the development of the virtual assets market should not threaten monetary sovereignty, price and financial stability, or Ukraine’s economic security.
The central bank participated in shaping the document in a working group with members of parliament, the State Financial Monitoring Service, market participants, government bodies, and international partners. According to the regulator, compromises were reached during the work, but the final edition of the draft law did not reflect part of the principled agreements.
The NBU also stated that the process of developing the document was not transparent enough: the final edition of the draft law was received only late in the evening before the committee meeting. Remarks by NBU Deputy Chairman Oleksii Shaban were raised at the meeting, but the discussion format, in the assessment of the National Bank, did not allow for a full professional discussion.
What risks does the NBU see
1. Uncontrolled admission of foreign tokens
The draft law provides for the possibility of foreign tokens entering the Ukrainian market, which may perform the functions of electronic money but do not fall under the corresponding regulation and supervision in their issuing countries.
In the opinion of the NBU, this could threaten monetary sovereignty, transmission of monetary policy, payment infrastructure, and financial stability.
The regulator insists that it should have the authority to assess the risks of such tokens and, if necessary, curb their circulation in Ukraine—analogous to its powers regarding tokens issued in Ukraine.
2. Regulatory gaps and uneven requirements
The NBU warns that simplified admission of foreign virtual assets should not allow circumventing the requirements established for similar Ukrainian assets.
Otherwise, according to the regulator, conditions could arise for the uncontrolled spread of certain assets and the formation of market segments that would effectively remain outside proper state supervision.
The central bank believes that rules for admitting foreign assets must prevent regulatory arbitrage and ensure protection of monetary sovereignty and financial stability.
3. Risks of monopolization and corruption during authorization
Some provisions of the draft law, according to the NBU, create risks of market monopolization and possible corruption during the authorizing of its participants by the National Securities and Stock Market Commission.
The initial position of the National Bank envisaged no quantitative limits for trading platform operators, provided they meet the established requirements.
To reach a compromise, the NBU agreed with the NSC MSP's proposal to initially limit the number of operators to three legal entities selected through a competitive process.
However, in the final edition of the draft law, the regulator notes, there is no clear number of operators who will be able to operate during the first five years. The decision on this remains at the discretion of the NSC MSP without proper safeguards against anti-competitive practices.
The NBU calls for clear and transparent authorization rules that prevent market monopolization and possible corruption.
Conclusion
The National Bank notes that the development of the virtual assets market is fully compatible with ensuring monetary and financial stability. At the same time, for sustainable functioning, clear rules, proper regulation, and effective risk control mechanisms are necessary.
The NBU emphasizes that it has made significant efforts to seek compromise solutions and to develop a balanced regulatory model. However, principal concerns of the regulator were not taken into account, so it cannot support Draft Law No. 10225-d in its current edition.
In connection with this, the National Bank calls on lawmakers to redraft the document with the participation of all stakeholders in the legislative process and to take into account the stated comments.
The NBU also assures its willingness to continue constructive cooperation within its powers to promote the development of Ukraine’s innovative virtual assets market without threatening trust in the hryvnia, financial stability, or Ukraine’s economic security.
Document: PDF proof of the original version of the news item "Законопроєкт про криптоактиви: НБУ попередив про ризики для фінансової стабільності". It records the publication content at the moment of the first scan, the preservation date and the source: Delo.ua.
