Ukraine’s central bank opposes crypto market bill in current form
The National Bank of Ukraine said it cannot support Bill No. 10225 on regulating the virtual-asset market in its current version and urged lawmakers to revise it before the second reading. The bill’s parliamentary committee had recommended adopting it, but the central bank raised concerns about foreign tokens, regulatory gaps and possible market concentration.
Key points
- Ukraine’s National Bank declined to support Bill No. 10225 in its current form and called for further amendments.
- The parliamentary committee on finance, tax and customs policy recommended adopting the bill in the second reading and as a whole.
- The central bank cited uncontrolled access to foreign tokens, regulatory gaps, and risks of market concentration and corruption.
- The bill would make the National Bank and the National Securities and Stock Market Commission the crypto-market regulators.
- The bill provides for a 5% personal income tax rate on profits from virtual-asset transactions through the end of 2028.
- The legislation is scheduled to enter into force on July 1, 2027.
- The bill does not clearly limit the number of market operators during the first five years.
Why it matters
The National Bank’s position could lead to changes to the bill before the second reading. The legislation would establish rules for admitting foreign virtual assets, authorizing market participants and taxing individuals’ profits. Decisions on foreign tokens and the number of market operators could directly affect monetary sovereignty, financial stability and competition.
What happened
The National Bank published its assessment of the final version of Bill No. 10225 on the evening of November 4, one day after the parliamentary committee recommended approval in the second reading and as a whole. The central bank said the document failed to incorporate several key agreements reached during its preparation and called on deputies to revise it with all participants in the legislative process involved.
The bank identified three principal risks. The first was uncontrolled access to foreign tokens that may function as electronic money but are not subject to regulation and oversight in their countries of issuance. The second involved regulatory gaps and unequal requirements that could let foreign virtual assets circumvent rules applied to similar Ukrainian assets. The third was the risk of market concentration and corrupt practices during the authorization of market participants. The National Bank also wants transparent authorization rules and the authority to assess foreign-token risks and restrict their circulation in Ukraine when necessary.
The bill divides regulatory responsibilities between the National Bank and the National Securities and Stock Market Commission. It introduces personal income tax on profits from virtual-asset transactions, with a 5% rate through the end of 2028, and is scheduled to take effect on July 1, 2027.
How Ukrainian sources describe it
Ukrainian reporting focuses on the National Bank’s three principal objections: uncontrolled access to foreign tokens, regulatory gaps that create unequal conditions, and threats of market concentration and corruption. Attention is also drawn to the absence of a clear operator limit for the first five years and to the demand for transparent market-participant authorization. Procedurally, the profile committee supported the bill, but the central bank released its objections ahead of the second reading.
Background
The National Bank supports legalizing the virtual-asset market based on the European MiCA regulation and IMF recommendations. During preparations for the bill, it initially favored no quantitative limit on trading-platform operators that met the requirements, but later accepted a proposal to allow three legal entities selected through a competition at the initial stage. The final version instead leaves the number of operators to the discretion of the National Securities and Stock Market Commission without adequate safeguards against excessive concentration. The bill was registered in 2023 and passed its first reading in September 2025.