Ukraine's central bank declines to back crypto bill before key vote

What happened

The National Bank of Ukraine said on Nov. 4 that it cannot support bill No. 10225-d, the draft law on virtual assets, in its current form and asked lawmakers to revise it before a second reading. The statement came as the Verkhovna Rada's Committee on Finance, Tax and Customs Policy recommended the bill for second reading and adoption as a whole, with 20 members voting in favor, Unchained reported.

The central bank outlined three objections. It said foreign tokens that can operate as electronic money in practice could reach Ukraine even when no authority supervises them where they were issued, and it wants powers to assess and, if necessary, restrict such tokens. It also warned that easier admission of foreign virtual assets should not let them avoid requirements applied to comparable Ukrainian assets, a gap it described as regulatory arbitrage. Finally, the NBU raised the prospect of monopolization and corruption in licensing by the National Securities and Stock Market Commission.

Under the committee text, the NSSMC would be the main crypto regulator and the NBU would oversee electronic money tokens. The rules would apply from July 1, 2027. The NBU said it received the final text only late on Nov. 3, and Deputy Governor Oleksii Shaban presented its objections at the committee meeting. The central bank said the format did not allow a full expert discussion and that work on the document had not been sufficiently transparent.

Why it matters

The dispute leaves the bill heading toward a floor vote without the support of one of the two regulators expected to enforce it. The NBU's objections also touch on who controls entry to Ukraine's crypto market: the committee text gives the NSSMC the central role, while an earlier 2025 version named the central bank as the base regulator, according to Unchained. The bank said it still supports regulating the market along the lines of the European Union's MiCA framework and remains willing to keep working on the legislation.

What the data shows

The committee recommendation carried 20 votes. The first-reading vote was 246 in favor and 31 against. The bill is intended to take effect on July 1, 2027. The proposed individual crypto tax rate discussed by the securities regulator was 23%, comprising 18% personal income tax and 5% military levy; the latest draft would apply a 5% rate to qualifying crypto profits through 2028. During negotiations, the NBU first wanted no cap on trading-platform operators, then accepted an NSSMC proposal to allow three companies selected by competition in the first stage. The NBU said the final version does not set a clear number of operators for the first five years.

Background

Ukrainian lawmakers passed the bill in first reading on Sept. 3, 2025. Crypto.news reported that 246 lawmakers voted in favor and 31 opposed it. The second reading was pushed to the autumn in July for lack of interagency consensus and votes, MP Olha Vasylevska-Smahliuk told Interfax-Ukraine. Committee first deputy chair Yaroslav Zheleznyak said the plenary vote is planned for November. The draft also includes taxation rules: Ukraine's securities regulator had proposed a 23% tax on individual crypto income, made up of an 18% personal income tax and a 5% military levy, while the latest draft includes a preferential 5% rate for qualifying crypto profits through the end of 2028, crypto.news reported.

What to watch

Lawmakers are expected to consider the bill in November, but it is not clear whether the NBU's objections will be addressed before the vote. The central bank has said it is ready to continue work on the bill and backs a MiCA-style framework. The NSSMC has supported advancing the legislation, arguing that formal rules would bring existing crypto activity under state supervision and set clearer requirements for market participants.

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