G7 ambassadors have responded to the National Bank of Ukraine’s position on draft law No. 10225-d, the bill intended to regulate the country’s virtual asset market. In their statement, they said they had taken note of the central bank’s comments and underlined that financial stability, transparency and the NBU’s independence remain important for Ukraine’s economic resilience and continued international support.

The intervention comes as Ukrainian lawmakers continue work on the bill after it cleared a key parliamentary committee in early November. While supporters want the framework adopted in the second reading, the latest version has also drawn objections from the central bank, creating a visible split among regulators over how the market should be supervised.

Committee approval did not settle the debate

In early November, the Verkhovna Rada’s Committee on Finance, Tax and Customs Policy backed draft law No. 10225-d. Committee chair Yaroslav Zhelezniak said 20 members supported the document, moving it forward in the legislative process.

That approval, however, did not end the dispute around the proposal. The National Bank of Ukraine said it could not support the bill in its current form, even as the measure advanced toward a second-reading vote in parliament.

NBU and securities regulator took different positions

The NBU argued that the draft contains provisions that could create risks for financial stability and competition. Among the issues raised by the central bank were the need for tighter oversight of foreign tokens and clearer, more transparent rules for authorizing operators of trading venues.

A different view came from the National Securities and Stock Market Commission. The commission supported the draft law and called on the Verkhovna Rada to pass it as soon as possible in the second reading, highlighting the divide between Ukrainian regulators over the current text.

Second-reading vote delayed for legal review

On November 9, Zhelezniak said the bill would not be considered during the current plenary week. He explained that, after the committee hearings, the 270-page document had been sent to the Verkhovna Rada’s lawyers for a detailed review.

According to the lawmaker, the size of the text has produced a number of legal and technical issues. He said the experts’ comments are focused mainly on legislative drafting technique rather than on the substance of the policy decisions in the bill.

What happens next

Zhelezniak also said he agrees with the comments submitted by the National Bank of Ukraine and confirmed that it makes sense to take them into account as the text is refined. He added that revisions should take about another week.

After that work is completed, the MP said he expects the bill could be submitted for final approval as early as the next plenary week. Under the current plan, if draft law No. 10225-d is ultimately adopted, the new virtual asset rules would take effect on July 1, 2027.

Source: incrypted.com