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Automatically translated version. May contain inaccuracies compared to the original.
Ambassadors of the Group of Seven countries emphasized the need to preserve the independence of the National Bank of Ukraine. This followed the regulator's opposition to the current draft law No.10225-d on regulating the virtual assets market.
This was reported by the G7 Ambassadors’ Group Support Representation in Ukraine on the social network X
"The G7 group takes note of the NBU's position on the draft law on the circulation of virtual assets. Ensuring the financial stability, transparency, and independence of the NBU remains extremely important for Ukraine's economic resilience and the effectiveness of international support," the G7 stated.
The regulator said it cannot support the document in its current form because it sees risks to monetary sovereignty, financial stability, and the competitive environment in the market. At the same time, the regulator does not oppose regulating the virtual assets market, relying on the European MiCA approach, international standards, and recommendations of the International Monetary Fund.
What risks did the National Bank see in the draft law
In its post, the NBU notes that the regulator supports the legalization of virtual assets according to European MiCA standards and IMF recommendations, but insists that the new market must not threaten the country's monetary sovereignty and financial stability. The NBU actively participated in a working group with members of parliament, the National Securities and Stock Market Commission (NSSMC), and international partners, where compromises were reached. However, the regulator received the final draft of the bill only late in the evening before the committee meeting, and it did not contain the previously agreed positions. It was not possible to fully discuss the objections of NBU Deputy Governor Oleksiy Shaban at the meeting.
As a result, the NBU points to three key risks in the document:
Uncontrolled entry of foreign tokens that could perform the functions of electronic money without proper supervision, undermining the payment infrastructure and stability.
Unequal conditions and gaps in supervision, where simplified requirements for foreign assets allow them to bypass rules that are mandatory for Ukrainian participants.
The threat of monopolization and corruption during the authorization of operators by the NSSMC. Instead of the compromise to limit the market to three operators at the first stage, the final text left the number of platforms for the next 5 years to the Commission's discretion without anti-competitive safeguards.
Initially the NBU's position envisaged no quantitative limits for trading platform operators if they met all defined requirements. However, to reach a compromise the regulator supported the NSSMC's proposal to limit the number of such operators at the initial stage to three legal entities chosen by competition.
At the same time, the NBU notes that the final text of the bill does not contain a clear number of operators who will have the right to operate during the first five years. The decision on this issue was effectively left to the discretion of the NSSMC, without the necessary anti-competitive safeguards.
The National Bank emphasizes the need to eliminate these risks by introducing clear and transparent authorization rules for market participants.
NBU calls to revise the draft law
The National Bank stresses that the development of the virtual assets market and the protection of monetary and financial stability are fully compatible. However, stable functioning of this sector requires transparent rules, proper regulation, and effective risk control.
The NBU stated that it made significant efforts to seek compromise solutions and create a balanced regulatory model. However, ignoring principled remarks makes it impossible to support draft law No.10225-d in its current form.
In this regard, the National Bank urged members of parliament to send the document back for revision with the participation of all parties in the legislative process and to take the expressed comments into account.
The regulator also confirmed its readiness for further constructive cooperation within its powers to develop an innovative market that will not create threats to trust in the hryvnia, financial stability, and the country's economic security.
Earlier Informator reported that draft law No.10225-d on the legalization of the crypto market was supported by the Verkhovna Rada in the first reading. On 4 November 2026 the Parliamentary Committee on Finance, Tax and Customs Policy recommended it for adoption in the second reading. Consideration of the document in the plenary hall is expected in November.
Document: PDF proof of the original version of the news item "G7 наголосила на незалежності Нацбанку на тлі суперечок довкола законопроєкту про криптовалюти". It records the publication content at the moment of the first scan, the preservation date and the source: Informator.
