Ukrainian Central Bank Opposes Cryptocurrency Legalization Bill, Citing Threat to Monetary Sovereignty

On November 5 that, according to CoinDesk, the National Bank of Ukraine (NBU) declined to support the current version of the cryptocurrency legalization and regulation bill (No. 10225-d), citing a lack of necessary regulatory safeguards that could threaten national monetary sovereignty, financial stability, and economic security. The central bank is particularly concerned that foreign tokens unregulated by their issuing nations could enter the Ukrainian market and be used to circumvent local electronic currency regulatory requirements.

Additionally, the central bank raised objections to the market access mechanism, arguing that the final draft delegates the determination of how many crypto trading platforms may operate during the first five-year period to the securities regulator, which could trigger market concentration and corruption risks. The legislation designates the Ukrainian National Securities and Stock Market Committee as the primary regulator for the crypto market and introduces a transitional 5% tax rate on existing crypto assets through the end of 2028. The central bank has urged lawmakers to further amend the bill prior to the final vote.