Ukraine Central Bank Refuses to Back Crypto Bill 10225-d
Ukraine's central bank says draft crypto law 10225-d fails to address foreign tokens acting as electronic money, regulatory arbitrage and operator licensing, and wants lawmakers to revise it before second reading. The finance committee recommended approval anyway.
The National Bank of Ukraine (NBU) will not support the latest version of draft law No. 10225-d on crypto regulation, citing risks to monetary sovereignty from foreign tokens and a licensing regime it says invites monopolization. In a November 4 statement, the central bank said the bill, which is being prepared for its second reading in parliament, does not address several concerns raised during discussions with lawmakers and industry representatives.
The NBU says it backs crypto regulation modeled on the EU's Markets in Crypto-Assets (MiCA) framework and on International Monetary Fund recommendations. It says the final draft excluded several compromises reached during negotiations, and it wants lawmakers to revise the text before adoption.
"The development of this market should not create threats to monetary sovereignty, price and financial stability, and economic security of Ukraine,"
National Bank of Ukraine
Three objections
The first concerns foreign-issued tokens. The NBU argues they could enter Ukraine without adequate supervision, and some could function as electronic money. That, it says, could threaten monetary sovereignty, the transmission of monetary policy and payment infrastructure. The bank wants the power to assess foreign tokens and restrict their circulation when needed, as it can for tokens issued in Ukraine.
The second is regulatory arbitrage. Foreign issuers, the NBU says, could bypass requirements imposed on domestic companies; it is asking for consistent admission rules for both.
The third targets market structure. According to the NBU, the bill leaves the number of crypto trading platform operators to the discretion of the securities regulator, which it says risks monopolization and corruption. The bank originally backed an unlimited number of operators, then accepted a compromise of three legal entities chosen competitively. The latest version reportedly drops that cap and leaves the number for the first five years to the National Securities and Stock Market Commission.
Process complaints
The NBU also criticized how the text reached it. It says it received the committee-recommended version only late on November 3, leaving little time for review before the November 4 meeting, and described the drafting process as "not sufficiently transparent."
Deputy Governor Oleksii Shaban presented the objections at that meeting, but the bank says the format prevented detailed discussion. The parliamentary finance committee nonetheless recommended approval at second reading and in full.
The other side
The securities commission supports moving the bill forward. In its view, formal regulation would bring existing crypto activity under state supervision and set clearer requirements for market participants.
What it means
The dispute puts two regulators on opposite sides of a bill the NBU helped draft as part of the working group. The Verkhovna Rada passed it at first reading in September 2025, by 246 votes to 31. The draft is intended to take effect July 1, 2027, with a preferential 5% tax rate for qualifying crypto profits through the end of 2028.
With the finance committee's backing, the bill may reach the floor without the changes the central bank wants. Whether lawmakers amend the foreign-token powers and the operator-licensing provision at second reading will decide if the NBU's objections are resolved or carried into implementation.
The legislative fight runs alongside Ukrainian authorities' enforcement work on crypto, including ARMA taking control of $8.3M in seized USDT.
