Back
Automatically translated version. May contain inaccuracies compared to the original.
The National Bank of Ukraine refused to support draft law No.10225-d on regulating the virtual assets market in its current version. The regulator said the document contains provisions that could threaten financial stability and create conditions for monopolization of the cryptocurrency market. This was reported by Hlavkom citing an official NBU statement.
The NBU position was published after the parliamentary Committee on Finance, Tax and Customs Policy supported the revised draft law in November 4, which provides for legalization of cryptocurrencies, introduction of taxation on profits from transactions with them, and state oversight of crypto exchanges.
The NBU emphasized that it generally supports regulation of the virtual assets market in line with the European MiCA approach and recommendations of the International Monetary Fund. However, the regulator claimed the final wording of the document contradicts several agreements reached during work on the bill.
In particular, the final text recommended for the second reading was received by the National Bank only late in the evening of November 3. The next day, NBU Deputy Governor Oleksii Shaban voiced objections at the parliamentary committee meeting, but according to the regulator, the discussion format did not allow for a full professional debate.
What risks did the NBU identify
The NBU named three fundamental problems with the draft law.
The first concerns allowing foreign tokens that may effectively perform the functions of electronic money but are not subject to appropriate supervision in their issuing countries. The NBU believes such assets could pose threats to monetary sovereignty, payment infrastructure, and financial stability.
The regulator insists on the right to independently assess the risks of foreign tokens and, if necessary, to restrict their circulation in Ukraine.
The second problem is the possibility of circumventing regulatory requirements. The NBU believes that simplified access for foreign virtual assets could put Ukrainian issuers at a disadvantage and foster market segments that would effectively remain outside state control.
The third risk is related to the potential monopolization of the cryptocurrency market and corruption abuses during authorization of trading platforms.
Initially the NBU opposed quantitative limits for operators who meet established requirements. Later the regulator agreed to a compromise proposal from the National Securities and Stock Market Commission—to allow three operators to operate at the first stage, selected by competition.
However, the final draft law contains no clear number of operators for the first five years. According to the NBU, this effectively leaves the decision to the discretion of the NSSMC without sufficient safeguards against restricting competition.
“Failure to take into account the NBU’s fundamental remarks makes it impossible to support draft law No.10225-d in its current version,” the National Bank said.
The regulator urged members of parliament to refine the document, ensure transparent rules for the crypto market, and take into account the risks to the hryvnia and the financial system.
How cryptocurrencies are planned to be taxed
According to Sudovo-Yurydychna Hazeta, the relevant Verkhovna Rada committee supported draft law No.10225-d for consideration in the second reading, which is planned for November 2026.
The document envisages taxation of profit from cryptocurrency transactions—that is, the difference between the asset’s purchase and sale price. The exchange of one virtual asset for another is proposed to be non-taxable.
For cryptocurrencies purchased before the law comes into force, a transitional regime is provided with a preferential personal income tax rate of 5% until the end of 2028.
Crypto exchanges and other virtual asset service providers would be required to obtain authorization, comply with financial monitoring requirements, and verify the origin of funds.
The new rules could take effect from July 1 2027. At the same time, the draft law still needs to be voted on in the Verkhovna Rada, and its final provisions may change.
Recall that in September 3 2025 the Verkhovna Rada supported in the first reading draft law No.10225-d on legalization of cryptocurrencies. 246 members of parliament voted for the document. It provided for regulation of the circulation of virtual assets and the introduction of rules for their taxation.
Earlier the parliamentary committee supported a draft law on regulating the cryptocurrency market. Proposed provisions included taxation of profit from the sale of digital assets, exemption of exchanges of one cryptocurrency for another from taxes, and special requirements for market participants.
Document: PDF proof of the original version of the news item "Нацбанк виступив проти легалізації криптовалют за новими правилами". It records the publication content at the moment of the first scan, the preservation date and the source: ZmiOne.
