G7 ambassadors back Ukraine central bank's independence and note its concerns on crypto bill
G7 ambassadors said the National Bank of Ukraine must remain independent and that they had taken note of its position on legislation regulating virtual assets. Their statement followed the central bank's warning that it could not support draft bill No. 10225-д in its current form and called for further revisions.
Key points
- G7 ambassadors said the National Bank of Ukraine should remain independent.
- They took note of the National Bank's position on the draft virtual-asset regulation.
- Their statement was published on X on November 7.
- On November 5, the National Bank said it could not support the bill in its current form during a second-reading vote.
- The National Bank asked lawmakers to refine draft bill No. 10225-д.
- The central bank supports legalizing virtual assets based on the EU's MiCA framework and IMF recommendations but identified risks in the draft.
- G7 ambassadors linked financial stability, transparency and central-bank independence to Ukraine's economic stability and international assistance.
Why it matters
The G7 statement places the National Bank of Ukraine's institutional independence within the framework of international support for Ukraine. It also highlights the central bank's concerns about a crypto-regulation bill while parliament was considering it, linking regulatory clarity and institutional independence to financial stability and the effectiveness of foreign assistance.
What happened
On November 5, the National Bank said it could not support the virtual-asset market regulation bill in its current form during a second-reading vote and asked lawmakers to refine it. The central bank said the version it received did not reflect several previously agreed principles and identified risks in draft bill No. 10225-д. It nevertheless supports legalizing the virtual-asset market based on the European MiCA regulation and IMF recommendations. On November 7, the G7 ambassadors' support group in Ukraine published a statement saying they had taken note of the National Bank's position and stressing that the institution must remain independent.
How Ukrainian sources describe it
Ukrainian reporting centers on the National Bank's detailed objections to the virtual-asset bill, including its request for further revisions and concerns about the text. The G7 statement is presented as a response to that position and as an explicit link between central-bank independence, financial stability and international support.
How international sources describe it
The international framing focuses on the G7 ambassadors' call for the National Bank to remain independent and their acknowledgment of its position on virtual-asset regulation. It emphasizes institutional independence, financial stability and transparency as relevant to Ukraine's economic stability and international assistance.
Background
The dispute concerns draft bill No. 10225-д on regulating the virtual-asset market. The National Bank supports legalization based on the European MiCA regulation and IMF recommendations, but says the draft it received contains risks and omits several previously agreed principles.