Ukraine’s central bank seeks safeguards before crypto bill advances

Ukraine’s National Bank of Ukraine has said it cannot support draft law No. 10225-d on virtual assets in its present form. According to Crypto Economy, the final draft omits important safeguards that were discussed during negotiations. The central bank supports regulating crypto in line with MiCA principles and international standards, but wants changes that protect monetary sovereignty and price stability before the legislation is adopted.

The Cryptonomist reports that the NBU is concerned the draft could allow foreign tokens into the market without adequate oversight and could leave exchange licensing exposed to monopoly and corruption risks. Crypto.news likewise cites possible threats to financial stability, while also warning that certain provisions could give regulators excessive influence over market access. These accounts describe related objections, although the outlets emphasize different consequences of the proposed framework.

Unchained provides additional detail on the disagreement over foreign assets. It says the NBU wants authority to restrict foreign e-money-like tokens that remain unsupervised in the jurisdictions where they are issued. Unchained also reports that the committee’s text removes an agreed cap of three trading-platform operators and leaves that decision with the NSSMC. That three-operator provision is not mentioned by the other three outlets.

The NBU’s intervention places the proposed legislation on a more contested footing before lawmakers consider adoption. Crypto Economy says the central bank wants the final version to retain safeguards negotiated with the authorities, while The Cryptonomist and Crypto.news both frame the bank’s response as a call for revisions. Unchained’s account adds a concrete licensing issue involving the number of permitted operators and the institution that would determine it.

The dispute comes amid a broadly weaker crypto market. Total market capitalization stands at $2.62 trillion, the overall market is down, and Bitcoin has declined 5.45% over the past 24 hours. The Fear & Greed index is at 50, indicating neutral sentiment. No specific coin is connected to the Ukrainian legislative story, and the supplied market data does not establish that the policy debate caused these market moves.

The immediate significance lies in whether lawmakers revise the draft before adoption. Key points to watch include the treatment of unsupervised foreign tokens, the return or removal of the three-operator platform limit, and the scope of the NBU’s and NSSMC’s authority over listings and exchange licensing. The disagreement could shape competition among trading venues and the conditions under which foreign digital assets become available in Ukraine, according to the concerns outlined by the four outlets.