WirepolicyDextape brief
Ukraine’s Central Bank Withholds Support as Crypto Bill Nears Final Rada Vote
The NBU wants power to restrict foreign e-money-like tokens that go unsupervised where they are issued, and says the committee's text scraps an agreed three-operator limit on trading platforms, handing that decision to the NSSMC.
Dextape brief
Ukraine's central bank, the National Bank of Ukraine, said on November 4 that it cannot back draft virtual assets law No. 10225-d in its present form and urged lawmakers to revise it before the second reading. The stance came on the day a parliamentary finance committee sent the bill onward, with 20 members in favor. Under that text, the securities regulator NSSMC would lead crypto market oversight, while the central bank would supervise electronic money tokens, with rules starting July 1, 2027. The bank said it saw the finished draft only late on November 3 and that it omits earlier compromises. It also flagged three risks, including unregulated foreign e-money tokens and monopoly or corruption concerns in NSSMC licensing. The final text sets no clear operator count for the first five years, leaving that decision to the NSSMC. A plenary vote is expected in November.
Why it matters: The dispute decides who controls entry to Ukraine's crypto market, and the bill heads to a floor vote without one of its two regulators.
Read the full story