البنك الوطنيembe Ukrainian refuses to support cryptocurrency regulation bill in current form
The National Bank of Ukraine said it cannot support Bill No. 10225-d on regulating the virtual-asset market in its current version and urged MPs to amend it. The bill was recommended for adoption in second reading by the relevant parliamentary committee, but the central bank raised concerns about foreign tokens, regulatory gaps and possible market monopolization.
أبرز النقاط
- The National Bank said it cannot support Bill No. 10225-d in its current form
- The parliamentary finance committee recommended adopting the bill in second reading and as a whole
- The bill is expected to enter into force on 1 July 2027
- The bill distributes regulatory powers between the National Bank and the National Securities and Stock Market Commission
- The National Bank cited uncontrolled access to foreign tokens as a key risk
- The bill introduces a 5% personal income tax rate on profits from virtual-asset transactions through the end of 2028
- The bill leaves the number of market operators in the first five years to the National Securities and Stock Market Commission without adequate anti-monopoly safeguards
لماذا يهمّ ذلك
The National Bank's position could lead to amendments before the second reading. The bill would establish rules for admitting foreign virtual assets, authorizing market participants and taxing individuals' profits. The treatment of foreign tokens and the number of market operators could directly affect monetary sovereignty, financial stability and competition in the crypto market. Since the bill is scheduled to enter into force on 1 July 2027, changes remain possible while the parliamentary process is under way.
ماذا حدث
On the evening of 4 November, the National Bank published the final version of Bill No. 10225-d, which had been recommended by the relevant parliamentary committee for adoption in second reading. The bank said the document did not reflect a number of fundamental agreements reached during its preparation and called for further work with all participants in the legislative process. The committee of the Verkhovna Rada on finance, tax and customs policy had recommended that parliament adopt the bill in second reading and as a whole, with 20 committee members voting for the decision. The bill would take effect on 1 July 2027, introduce personal income tax on profits from virtual-asset transactions and provide a transitional 5% tax rate until the end of 2028.
كيف تصفه المصادر الأوكرانية
Ukrainian reporting focuses on the National Bank's three principal concerns: uncontrolled access to foreign tokens, regulatory gaps that could allow foreign assets to bypass requirements for Ukrainian equivalents, and threats of market monopolization and corruption-related abuses during participant authorization. The bank also criticizes the absence of a clear limit on the number of operators during the first five years and calls for transparent authorization rules. Procedurally, the committee recommended supporting the bill, while the central bank published its objections ahead of the second reading.
الخلفية
The bill divides regulatory responsibilities between the National Bank and the National Securities and Stock Market Commission. The National Bank supports legalizing the virtual-asset market based on the European MiCA regulation and IMF recommendations. During earlier discussions, it agreed with an initial proposal to allow three legal entities selected through a competition to operate during the first stage, but the final version does not clearly fix the number of operators for the first five years.