Ukraine’s central bank rejects crypto bill over risks
6.7 Regulation Ukraine’s central bank rejected the crypto market bill, citing risks to financial stability, sovereignty, and competition, and criticized the drafting process.
The National Bank of Ukraine (NBU) has declined to support draft law No. 10225-d, which aims to regulate the crypto market. The NBU cited significant risks to financial stability, competition, and national sovereignty as primary reasons for its opposition. Key concerns include the uncontrolled entry of foreign tokens, inadequate regulatory oversight, and the potential for monopolization and corruption in the exchange licensing process. The bank also criticized the lack of transparency during the drafting process, noting that several previously agreed-upon compromises were omitted from the final version, which was provided only shortly before the committee meeting. Despite these objections, the parliamentary finance committee has recommended the bill for a second reading. The NBU stressed that developing the virtual assets market must not jeopardize Ukraine's monetary sovereignty, financial stability, or economic security.
