Ukraine’s National Bank has said it cannot back draft law No. 10225-d in its current form, putting a public spotlight on disagreements over how the country should regulate the crypto market.
In its position, the central bank said any framework for virtual assets should follow the European Union’s MiCA model, international standards, and recommendations from the International Monetary Fund, while avoiding risks to monetary sovereignty, financial stability, and broader economic security.
Dispute over the final draft
According to the NBU, the version of the bill recommended by the parliamentary committee for second reading does not reflect several fundamental agreements reached during the drafting process. The bank said those unresolved issues are significant enough that it cannot support the text as it stands.
The dispute centers not on whether the market should be regulated, but on the design of that regulation. The NBU argues that opening the sector without stronger safeguards could create vulnerabilities in payments infrastructure and weaken state oversight.
Three objections raised by the NBU
The first concern involves what the central bank described as uncontrolled admission of foreign tokens. It warned that the bill could allow foreign assets with e-money functions to circulate in Ukraine even if those assets are not properly regulated in their home jurisdictions. The NBU says it must retain the ability to assess risks independently and restrict suspicious tokens when necessary.
Its second objection is a broader regulatory gap. In the bank’s view, simplified access for foreign assets should not let them avoid rules that would still apply to Ukrainian-issued tokens. It argues that such an imbalance could drive part of the market beyond effective state supervision and create uneven conditions for domestic participants.
The third concern relates to the role of the National Securities and Stock Market Commission. The NBU said the final text gives the NSSMC too much discretion in deciding which trading venues can operate. It noted that an earlier compromise would have limited the number of operators and required selection through a contest, but the current wording leaves those decisions to the commission for five years, which the bank says could create room for monopolization, corruption, or abuse.
Different view from the securities regulator
The NSSMC has taken the opposite position and supported draft law No. 10225-d, calling for its adoption at second reading. In the commission’s view, the legislation would help move Ukraine’s virtual assets market out of the gray zone.
The securities regulator also argues that the bill would align the country with MiCA and support Ukraine’s integration into the European financial space. That stance highlights a split between two key state institutions over how quickly the market should be formalized and how much discretion regulators should have in the process.
What happens next
For now, the NBU is urging lawmakers to revise the bill before moving ahead. Its message is that support remains possible only if the final law addresses the central bank’s concerns over foreign tokens, competitive balance, and the approval process for trading venues.
The next confirmed step is consideration of draft law No. 10225-d at second reading, where parliament will decide whether to keep the current approach or amend the text in line with the objections raised by the central bank.
Source: incrypted.com