National Bank of Ukraine

National Bank of Ukraine says it cannot support virtual assets Draft Law No. 10225-d in its current version, citing foreign tokens, regulatory arbitrage and monopolisation risks

The National Bank of Ukraine said on 4 November 2026 that it supports regulating the virtual asset market based on the European MiCA approach, international standards and IMF recommendations, but cannot support Draft Law No. 10225-d in the version recommended by the Verkhovna Rada Committee for second reading, which it said it received only the previous evening and which does not reflect a number of agreements reached during drafting. The NBU highlighted three risks: admission of foreign tokens that effectively perform the functions of electronic money without relevant regulation in their countries of issuance, regulatory gaps that could let foreign assets circumvent requirements set for comparable Ukrainian assets, and monopolisation and corruption risks because the final text leaves the number of trading platform operators in the first five years to the NSSMC's discretion. It asked for the authority to assess and, where necessary, restrict circulation of such foreign tokens in Ukraine.

National Bank of Ukraine