The National Bank of Ukraine (NBU) has rejected the latest version of cryptocurrency regulation bill No. 10225-d, warning that it could weaken financial safeguards and limit competition. The central bank is urging lawmakers to revise the draft before a final parliamentary vote.
In a statement dated November 4, the NBU said it supports crypto rules based on the European Union’s MiCA framework and International Monetary Fund guidance. However, it said lawmakers had overlooked earlier agreements. The bank received the revised text late on November 3, ahead of a committee meeting the following day, and called the process “not sufficiently transparent.” Deputy Governor Oleksii Shaban raised the objections.
Foreign token controls sought
The NBU warned that foreign-issued tokens could reach Ukrainian users without proper supervision in their home countries. Some could function like electronic money, creating risks for domestic payments and the national currency.
The central bank wants authority to review foreign tokens and restrict them when necessary. It also wants overseas assets to meet standards comparable to those applied to locally issued tokens.
The issue arises as more payment services adopt stablecoins. In the United States, Samsung Wallet launched USDC accounts on November 5, although New York residents cannot access the service.
Licensing limits raise competition concerns
The NBU originally opposed limits on the number of licensed trading platforms. It later accepted a plan to select three operators through an open competition during the market’s initial phase.
That agreement is missing from the revised bill. The National Securities and Stock Market Commission (NSSMC) would decide how many platforms could operate during the first five years. The NBU warned that this could allow market concentration and misuse of licensing powers.
Regulatory powers are also under discussion elsewhere. US Democrats are considering changes to federal crypto oversight, as reported by Blockonomi on November 4. Those talks remain preliminary and concern US agencies, not Ukraine’s proposal.
Tax provisions and next steps
Ukraine’s bill would introduce rules for crypto trading, service providers, and taxation. The latest draft sets a temporary 5% income tax rate for qualifying assets acquired before the law takes effect, through 2028.
The proposal also excludes crypto-to-crypto exchanges from taxation. Separately, South Korea’s ruling party proposed delaying its planned 22% crypto tax until broader rules are ready. That plan still needs approval.
Ukraine approved an earlier virtual assets law in 2022, but it never took effect without tax changes. The current bill passed its first reading in September 2025.
