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Automatically translated version. May contain inaccuracies compared to the original.
G7 ambassadors emphasized the importance of the independence of the National Bank of Ukraine in light of the regulator’s refusal to support the current draft of bill No. 10225 on the circulation of virtual assets.
"The G7 group takes note of the NBU’s position on the bill regulating the circulation of virtual assets. Ensuring financial stability, transparency, and independence of the NBU remains extremely important for Ukraine’s economic resilience and the effectiveness of international support," the G7 statement said. The remark came amid discussions of the bill No. 10225, which is to regulate the market for virtual assets in Ukraine. The National Bank stated that it cannot support the document in its current version due to risks to monetary sovereignty, financial stability, and competition in the market. What risks does the NBU see in the bill? The NBU notes that regulator supports regulating the virtual asset market based on the European MiCA approach, international standards, and IMF recommendations. At the same time, the NBU emphasizes that the development of this market should not pose a threat to monetary sovereignty, price and financial stability, and Ukraine’s economic security. The NBU participated in refining the bill in a working group involving members of parliament, the National Securities and Stock Market Commission, market representatives, government bodies, and international partners. During this time, the parties managed to reach several compromises. However, in the NBU’s assessment, the process of drafting the document was not sufficiently transparent. The final draft of the bill, recommended by the relevant committee of the Verkhovna Rada for second reading, was received by the regulator only late the night before the meeting. In it, according to the NBU, many fundamental agreements reached during the work were not taken into account. Deputy Chair of the NBU Oleksiy Shabana raised regulator’s remarks at the committee meeting, but the discussion format did not allow a full professional debate. The NBU highlighted three main risks it sees in the current draft. First, uncontrolled access of foreign tokens. The NBU believes the document allows foreign tokens to enter the Ukrainian market, which could effectively perform the functions of electronic money but do not fall under corresponding regulation and supervision in the issuing countries. The regulator argues this threatens monetary sovereignty, transmission of monetary policy, payment infrastructure, and financial stability. Therefore, the NBU insists on having the mandate to assess such assets’ risks and, if necessary, to restrict their circulation in Ukraine. Second, regulatory gaps and unequal treatment of foreign and Ukrainian assets. The NBU warns that simplified access for foreign virtual assets should not allow bypassing requirements set for similar Ukrainian assets. Otherwise, part of the market could remain outside proper state supervision. Third, the risk of possible market monopolization and corruption abuses during the authorization of market participants by the National Securities and Stock Market Commission. The NBU’s initial position envisioned no quantitative limits for trading platform operators, provided they met the set requirements. However, as a compromise, the regulator agreed to the NSMSCR’s proposal to limit, at the first stage, the number of such operators to three legal entities selected through a competitive process. At the same time, the NBU notes that the final draft does not set a clear number of operators who can operate during the first five years. Determining this matter is left to the NSMSC. The NBU believes these risks must be mitigated by establishing clear and transparent rules for authorizing market participants. The NBU urges to revise the bill. The National Bank stresses that the development of the virtual assets market and the protection of monetary and financial stability are not mutually exclusive. However, for sustainable growth of this sector, clear rules, proper regulation, and effective risk control are necessary. The NBU said it has made substantial efforts to seek compromises and to form a balanced regulatory model. However, failure to account for fundamental remarks makes it impossible to support bill No. 10225 in its current version. The National Bank urged MPs to revise the document with the involvement of all participants in the legislative process and to take its remarks into account. The regulator also confirmed its readiness to continue constructive cooperation within its mandate to develop an innovative market that does not threaten trust in the hryvnia, financial stability, or Ukraine’s economic security."
Recall that legislative work on regulating the virtual assets market in Ukraine began in 2023. In November of that year, the Rada registered bill No. 10225, which provided specifics of taxation of operations with virtual assets. The document was to become one of the steps toward legalizing cryptocurrencies in Ukraine. In September 2025, the Verkhovna Rada supported bill No. 10225-d in its first reading. In 4 November 2026, the Parliament’s Committee on Finance, Tax and Customs Policy recommended its adoption in the second reading. Consideration of the document in the session hall is expected in November.
Document: PDF proof of the original version of the news item "G7 підкреслила незалежність Нацбанку та взяла до відома його позицію щодо крипторинку". It records the publication content at the moment of the first scan, the preservation date and the source: RBC-Ukraine.
