The National Bank of Ukraine refused to support the current version of draft law No. 10225-d on regulating the virtual assets market, which the relevant parliamentary committee recommended for second reading. The regulator warned about risks to monetary sovereignty, financial stability, and competition in the cryptocurrency market.

This is stated in an official statement by the NBU, released on the evening of November 4. The central bank emphasized that it supports the regulation of crypto-asset circulation in line with the European MiCA regulation and international standards, but considers certain provisions of the bill unacceptable.

One of the main concerns is the admission of foreign tokens that may function as electronic money. According to the NBU, the bill allows such assets to enter the Ukrainian market even without proper regulation and supervision in their issuing countries.

The regulator argues that this could weaken control over money circulation, create risks for payment infrastructure, and affect the effectiveness of monetary policy. Therefore, the NBU insists on the right to assess the risks of foreign tokens and, if necessary, restrict their circulation in Ukraine.

The second concern relates to unequal conditions for Ukrainian and foreign virtual assets. The central bank believes that simplified access for foreign products should not allow their issuers to bypass requirements set for similar Ukrainian assets.

Separately, the NBU warned of risks of monopolization of the cryptocurrency market and potential corruption abuses during the authorization of trading platforms.

Initially, the NBU proposed not limiting the number of operators that meet the established requirements. Later, as a compromise, it agreed to the proposal of the National Securities and Stock Market Commission (NSSMC) to allow the operation of three operators selected by tender at the first stage.

However, in the final version of the bill, according to the NBU, there is no clear definition of the number of operators allowed to operate in the first five years. The decision is left to the discretion of the NSSMC without sufficient anti-competitive safeguards. The regulator calls for establishing transparent authorization rules. This is a warning about possible risks, not a statement of established facts of corruption violations.

The National Bank also criticized the process of preparing the bill. According to the regulator, it received the final version of the document only late in the evening on November 3, even though a number of key agreements were reached during previous work on it. The next day, NBU Deputy Governor Oleksiy Shaban voiced the comments at a parliamentary committee meeting, but the NBU said the meeting format did not allow a full professional discussion.

Earlier, "Kurs Ukrainy" reported that on November 4, the Verkhovna Rada Committee on Finance, Tax and Customs Policy supported bill No. 10225-d for adoption in the second reading and as a whole. According to MP Yaroslav Zheleznyak, 20 committee members voted in favor.

The document provides for the introduction of rules for cryptocurrency exchanges, authorization of service providers, and protection of client assets. It also proposes to tax profits from the sale of cryptocurrencies as the difference between the purchase and sale prices, with a transition period with a reduced personal income tax rate until the end of 2028 for previously purchased assets.

If finally adopted, the new rules are planned to be introduced on July 1, 2027. Consideration of the bill in the Verkhovna Rada is expected during November, but the specific voting date has not been announced yet.

The NBU called on parliamentarians to refine the document before final adoption. At the same time, the regulator's disagreement with the current version does not itself mean the legislative process will stop. The fate of the bill will depend on the Verkhovna Rada's decision.

Sources: National Bank of Ukraine