Ukraine's central bank won't back the crypto bill
The National Bank of Ukraine says it cannot support the draft virtual assets law as it stands, days before a planned final vote in parliament, according to Unchained.
The facts
- The National Bank of Ukraine said on Nov. 4 it cannot support bill No. 10225-d in its current form and asked lawmakers to rework it before the second reading, according to Unchained.
- A parliamentary finance committee recommended the bill for second reading with 20 votes in favour. Under that text the NSSMC would be the main crypto regulator, the NBU would oversee electronic money tokens, and the rules would apply from July 1, 2027.
- The central bank named three risks: foreign tokens that act as e-money entering without oversight, regulatory arbitrage, and monopolisation and corruption risk in licensing. The final text sets no clear cap on trading-platform operators for the first five years.
- Committee first deputy chair Yaroslav Zheleznyak said the plenary vote is planned for November. The NBU says it still backs MiCA-style regulation and is ready to keep working on the bill.
Case notes · Danny's take
Why it matters
This fight is about who controls the door into a country's crypto market. Ukraine has already moved that power from the central bank to the securities regulator between drafts. Now one of the two regulators that would enforce the law is publicly saying it is not on board. A law passed over a regulator's objection can be harder to implement than one that is delayed. Not the headline vote. The licensing rules underneath it.
For traders
Don't trade the headline. Watch whether the plenary vote happens in November and whether the text changes before it. Also watch how many trading-platform operators the securities regulator ends up licensing, because that decides which exchanges Ukrainian users can actually reach.
For builders
If you plan to serve Ukraine, the July 1, 2027 start date and the treatment of foreign tokens and e-money tokens are the parts to follow. Stablecoin issuers and exchanges should expect the licensing rules to be contested, and keep compliance plans flexible until the final text is passed.
Not financial advice. Do your own investigation.
This story was summarised with AI from Unchained's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.