Regulation & supervision
Ukraine's central bank opposes virtual assets bill in current form
UkraineSource: National Bank of Ukraine
- 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.
Why it matters
Banks and payment firms in Ukraine face an unsettled virtual asset framework in which the central bank is seeking powers to restrict e-money-like foreign tokens, so stablecoin-related products for Ukrainian clients depend on how parliament resolves the NBU's objections.
Read the original: National Bank of Ukraine ↗
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More detail
Who is affected
Issuers and trading platform operators of virtual assets in Ukraine, including foreign tokens admitted to the Ukrainian market, and the NSSMC as authorising body.
Key dates
- NBU published its position; Deputy Governor Oleksii Shaban voiced concerns at a Committee meeting
What remains uncertain
- The statement does not say when the Verkhovna Rada will vote on the draft law or whether the text will be revised.
Key facts
- Event
- Regulatory position / statement
- Jurisdiction
- Ukraine
- Source
- National Bank of Ukraine
- Source tier
- Tier 1 · Regulator / central bank
Institutions
How we verified this
The source says
“However, the failure to take the NBU’s fundamental concerns into account makes it impossible for the NBU to support draft Law No. 10225-d in its current version.”
“The draft law allows foreign tokens to enter the Ukrainian market even if they effectively perform the functions of electronic money but are not subject to the relevant regulation and supervision in their countries of issuance.”
“The NBU’s position: The NBU must have the authority to assess the risks associated with such foreign tokens and, where necessary, restrict their circulation in Ukraine, just as it can for tokens issued in Ukraine.”
“However, the final version of the draft law does not establish a clear limit on the number of operators allowed to operate during the first five years.”
Verbatim from National Bank of Ukraine, matched word for word against the live page on 5 November 2026.
Sources
- PrimaryNational Bank of Ukraine ↗2026-11-04T1Regulator
Evidence
- Confidence
- High Primary source (regulator / official record); quote string-matched against the live page.
- Quote verified
- 2026-11-05 17:05 UTC
- Archived snapshot
- SHA-256
3d8df1064b1ddfa6…· fetched 2026-11-05 · Wayback Machine copy ↗ - Source type
- Primary National Bank of Ukraine ↗
Change log (1)
- 2026-11-05 Published
AI-assisted: the summary and analysis were drafted with AI from the primary source and checked by the editors. AI-drafted from the primary source; quote string-matched against the live source page.
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