According to the National Bank of Ukraine (NBU), the regulator identified three principal risks in bill No.10225-d on the circulation of virtual assets. Oleksii Shaban, the deputy governor of the regulator, set out the remarks at a meeting of a Verkhovna Rada committee, but the format of the discussion did not allow for a full technical debate.
“Our fundamental position: the development of this market must not create threats to monetary sovereignty, price and financial stability and Ukraine’s economic security,” the statement said.
Uncontrolled admission of foreign tokens
The regulator points out that the bill allows foreign tokens to enter the Ukrainian market that could effectively perform the functions of electronic money but are not subject to supervision in their countries of issuance. This creates threats to monetary sovereignty, the transmission of monetary policy, the payments infrastructure and financial stability.
The NBU insists that it should have the authority to assess the risks of such foreign tokens and, where necessary, to restrict their circulation in Ukraine in a way similar to its powers over tokens issued in Ukraine.
Regulatory gaps and unequal requirements
The regulator sees a risk that simplified admission of foreign virtual assets will make it possible to circumvent requirements applied to equivalent Ukrainian assets. This could lead to uncontrolled proliferation of certain assets and the formation of market segments outside state supervision.
Admission rules for foreign assets, the regulator says, must prevent regulatory arbitrage and protect monetary sovereignty and financial stability.
Risks of monopolisation and corruption during authorisation
The NBU points out that certain provisions on authorisation of market participants create risks of monopolisation and potential corrupt abuses during the procedure to be conducted by the National Securities and Stock Market Commission (NKTsPFR). The regulator’s initial position envisaged no quantitative limits for trading platform operators provided they met the requirements.
As a compromise, the NBU agreed to a temporary limit of up to three operators, to be chosen through a competitive selection. However, the final draft does not set a clear number of operators for the first five years and leaves the decision to the discretion of the National Securities and Stock Market Commission (NKTsPFR) without safeguards against anti‑competitive outcomes.
The NBU does not support the bill in its current form
The regulator notes that market development and protection of monetary and financial stability are not mutually exclusive, but sustainable development is possible only with clear rules and effective risk control. The NBU made efforts towards a compromise, but the failure to take into account its fundamental remarks makes it impossible to support bill No.10225-d in its current form.
“We urge MPs to refine the document with the involvement of all participants in the legislative process and to take the stated remarks into account,” the regulator emphasised. Cryptocurrencies are highly volatile.
The relevant Verkhovna Rada committee approved bill No.10225-d for a second reading; the new rules are expected to come into force on 1 July 2027.
