Ukraine Central Bank Refuses to Support Crypto Bill Cleared for Final Vote
Central bank says no to bill cleared for final vote
Ukraine's central bank said it will not support a draft law on virtual assets that a parliamentary committee cleared for a final vote. Virtual assets are digital assets, such as bitcoin, that can be traded or held electronically.
The National Bank of Ukraine said Draft Law No. 10225-d does not reflect compromises agreed during drafting. It supports new rules in principle, but not this version.
Main points to know
- The National Bank of Ukraine issued its statement on Nov. 4.
- A parliamentary committee recommended the bill for adoption in a second reading and as a whole.
- The bank raised three main concerns about foreign tokens, rules for trading platforms, and the way the draft was finalized.
- A final vote by the Verkhovna Rada, Ukraine's parliament, is expected later in November.
What the National Bank of Ukraine said
The bank said it received the final text only late the evening before the committee vote. It said the process “was not sufficiently transparent.”
Deputy Governor Oleksii Shaban raised the bank's objections at the committee meeting. The bank said the format did not allow a full debate.
The bank also said it supports the direction of the bill in principle. The draft is meant to put the market under detailed rules modeled on the European Union's Markets in Crypto-Assets regulation, known as MiCA, and on International Monetary Fund recommendations. MiCA is the EU's set of rules for crypto markets.
Three concerns raised by the central bank
First, the bank said the draft would allow foreign tokens into Ukraine even when they work like electronic money but have no matching supervision in the countries where they are issued. It said this could threaten monetary sovereignty, which means a country's control over its money and monetary policy, as well as payment systems and financial stability.
The bank wants the same power it has over domestically issued tokens. That is the power to assess foreign assets and, when needed, restrict their circulation in Ukraine.
Second, the bank said simpler admission of foreign virtual assets must not let them avoid rules that apply to similar Ukrainian assets. Without that equal treatment, it warned, parts of the market could grow outside proper oversight and create regulatory arbitrage, which means businesses moving to areas with weaker rules.
Third, the bank flagged risks of monopolization and corruption in how the National Securities and Stock Market Commission would authorize trading-platform operators. A trading platform is a service where people buy and sell crypto.
The bank said it first opposed numerical caps, then agreed as a compromise to limit the first wave to three legal persons chosen by competitive selection. It said the final draft drops a clear five-year cap and leaves the number of operators to the securities commission's discretion without enough antitrust safeguards.
Tax rules and timeline reported for the committee version
Interfax Ukraine reported that, if adopted, the rules would take effect on July 1, 2027. Supervision would be split between the central bank and the securities commission.
Under the committee version, personal income from virtual-asset trades would face Ukraine's standard personal income tax. There would be a reduced 5% rate through the end of 2028 for assets acquired before the law takes effect. Crypto-to-crypto exchanges would not be taxed, and virtual-asset deals would be outside VAT, or value-added tax.
What is confirmed so far
The committee's Nov. 4 recommendation does not enact the law. The central bank's position against the current draft is confirmed in its Nov. 4 statement. The bank said it remains ready to cooperate and called on members of parliament to refine the document with all parties to the process.
What remains undecided
It is not yet clear whether lawmakers will reopen the foreign-token and licensing clauses before a floor vote. The report says the test is whether they change those clauses or push the committee text through as it stands.
The report also notes a separate debate on state finance. Lawmakers last year introduced a separate bill that would let the central bank hold virtual assets, including bitcoin, in its foreign-exchange and gold reserves. That permission would not require the bank to use it.
Why the disagreement matters
The dispute is about how much control the central bank should have over foreign tokens and trading platforms under the new framework. The bank said: “The development of the virtual asset market and the protection of monetary and financial stability are not mutually exclusive.”
What happens next
A final vote in the Verkhovna Rada is expected later in November. If the bill is adopted in its committee form, Interfax Ukraine reported the rules would take effect on July 1, 2027.
Original report
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