Ukraine's Central Bank Rejects Crypto Bill Over Foreign Token and Monopoly Risks
Ukraine's central bank has declined to back draft law No. 10225-d in its current form ahead of a second parliamentary reading. The National Bank cites risks to monetary sovereignty, unequal treatment of foreign tokens, and possible monopolization of trading platforms.
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The Central Bank's Position
The National Bank of Ukraine will not support draft law No. 10225-d in its current form, according to a November 4 statement. The bill is being prepared for its second reading in parliament. The regulator says it supports regulating crypto-assets under the EU's MiCA framework but wants lawmakers to revise the proposal before adoption.
CoinDesk characterized the objection as a concern over monetary sovereignty. Crypto.news, which reviewed the full statement, identified three specific problems the central bank raised, each of which it framed as a threat to financial stability or to effective supervision.
Foreign Tokens and Monetary Sovereignty
The central bank's main objection concerns provisions that would let foreign-issued tokens enter the Ukrainian market without sufficient oversight. The NBU argues that some of these assets could effectively function as electronic money while sitting outside equivalent supervision in their home jurisdictions. It warned that such circulation could undermine monetary sovereignty, interfere with the transmission of monetary policy, and create risks for payment infrastructure.
The regulator wants the authority to assess foreign tokens before they enter the market and to restrict their circulation when necessary. It also wants comparable powers for domestic and foreign assets, so that overseas issuers cannot bypass the requirements placed on Ukrainian companies.
Trading Platform Licensing
The second objection concerns how operators of crypto trading platforms would be authorized by the National Securities and Stock Market Commission. The NBU says some provisions could enable market monopolization and create opportunities for corruption during the authorization process.
The bank's position on the number of operators has shifted during negotiations. It first supported an unlimited number of licensed operators that met the applicable requirements. It then accepted a securities regulator compromise limiting initial authorization to three legal entities chosen through a competitive process. According to Crypto.news, the latest version removes that cap and leaves the number of permitted operators during the first five years to the securities commission's discretion. The NBU has called for clear, transparent authorization rules.
Background and Parliamentary Status
The bill has been in progress for several years. Crypto.news reports that the Verkhovna Rada approved it at first reading in September 2025 by 246 votes in favor and 31 against. The framework includes tax rules for crypto transactions and requirements for virtual asset service providers. The central bank's objections therefore arrive before the final vote, and the outcome of the second reading will depend on whether lawmakers accept the revisions the NBU has requested.
Why It Matters
For Traders
Until the second reading resolves the foreign token and platform licensing questions, the scope of which assets and exchanges can operate in Ukraine remains uncertain.
For Investors
Ukraine's bill would be among the first post-MiCA national frameworks in Europe, so how the NBU's sovereignty objections are resolved will signal how other regulators weigh foreign stablecoins.
For Builders
If the NBU's assessment powers over foreign tokens are adopted, issuers and exchanges serving Ukrainian users may need pre-market approval rather than relying on home-country compliance.
This article is for information only and is not financial advice. Read the full disclaimer.
