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The regulator warned of a threat to the hryvnia, risks of monopolizing the crypto market, and possible corruption abuses.
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 monopolizing the cryptocurrency market.
This was reported by Hlavkom citing an official NBU statement.
The National Bank’s position was published after the parliamentary Committee on Finance, Tax and Customs Policy supported the revised draft law, which provides for the legalization of cryptocurrencies, the introduction of taxation on profits from transactions with them, and state control over crypto exchanges, on 4 November.
The NBU emphasized that it generally supports regulating the virtual assets market in line with the European MiCA approach and the recommendations of the International Monetary Fund. However, the regulator claims the final version of the document contradicts a number of agreements reached during work on the draft law.
In particular, the NBU received the final text recommended for second reading only late in the evening on 3 November. The next day, NBU Deputy Governor Oleksii Shaban voiced objections at a parliamentary committee meeting, but, according to the regulator, the format of the discussion 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 can 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, the 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 potential to circumvent regulatory requirements. According to the NBU, 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 possibility of monopolizing the cryptocurrency market and corruption abuses during the authorization of trading platforms.
Initially, the NBU opposed quantitative limits for operators who meet the established requirements. Later, the regulator agreed to a compromise proposal from the National Securities and Stock Market Commission—to allow three operators determined by a competition to operate in the first stage.
However, the final version of the draft law does not specify a clear number of operators for the first five years. According to the NBU, this effectively leaves the decision to the NSSMC without sufficient safeguards against restricting competition.
“Failure to take into account the NBU’s fundamental comments 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 revise 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 to be held in November 2026.
The document provides for taxing profits from cryptocurrency transactions—that is, the difference between the asset’s purchase and sale price. Exchanging one virtual asset for another is proposed to be tax-exempt.
For cryptocurrencies acquired before the law comes into force, a transitional regime is envisaged with a preferential personal income tax rate of 5% until the end of 2028.
Crypto exchanges and other virtual asset service providers will have to undergo authorization, comply with financial monitoring requirements, and verify the origin of funds.
The new rules could come into force on 1 July 2027. However, the draft law still needs to be voted on in the Verkhovna Rada, and its final provisions may change.
Recall that on 3 September 2025 the Verkhovna Rada supported in the first reading draft law No.10225-d on legalizing cryptocurrencies. It was supported by 246 members of parliament. It provided for regulating the circulation of virtual assets and introducing rules for their taxation.
Earlier, the parliamentary committee supported the draft law on regulating the cryptocurrency market. Among the proposed provisions were taxing profits from the sale of digital assets, exempting the exchange of one cryptocurrency for another from taxes, and special requirements for market participants.
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