Ukraine’s Central Bank Pushes Back on Crypto Legalization Bill Over Stability Fears

The National Bank of Ukraine has declined to back draft law No. 10225-d, saying the bill as written could put the country’s financial system at risk. It wants lawmakers to rework the text before any final vote, which clouds Ukraine’s long running attempt to give crypto a legal footing.

Central Bank Concerns About the Crypto Bill

The NBU says it favors rules modeled on the EU’s MiCA framework and IMF advice, but argues the bill lacks key protections. It received the final version late Tuesday, shortly before a parliamentary committee cleared it for a second reading, and called the drafting process not transparent enough. A main worry is that tokens issued abroad, even without supervision where they were created, could circulate in Ukraine and act like electronic money. That could weaken monetary sovereignty, so the bank wants power to review and restrict them, as it can with domestic tokens.

Market Access and Corruption Risk

A compromise first limited the market to three trading platform operators chosen competitively. The final draft instead lets the securities regulator, the NSSMC, decide how many operators are allowed during the first five years. The NBU fears this could concentrate the market and invite corruption.

Taxes and Earlier Attempts

The original draft taxed gains at 18% plus a 5% military levy. The new version sets a 5% transitional rate on existing holdings until the end of 2028 and exempts crypto to crypto trades.