Ukraine's Central Bank Opposes Crypto Asset Bill, Citing Financial Stability Risks

Ukraine’s central bank opposes the current draft law regulating virtual assets, saying it could threaten the country’s monetary sovereignty, financial stability and market competition. According to Odaily, the National Bank of Ukraine (NBU) supports regulating the cryptocurrency market under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework but objects to the draft submitted for a second reading. The NBU said it received the final text on the evening of November 4, after several compromises previously reached by a working group with lawmakers and the National Securities and Stock Market Commission of Ukraine (NSSMC) had been removed. NBU Deputy Governor Oleksiy Shaban raised concerns at a committee meeting the following day, but the meeting format did not allow for a full discussion. The bank said the draft could allow foreign tokens to enter Ukraine without adequate oversight and leave loopholes for their issuers to avoid requirements imposed on domestic issuers. It also said the draft gives the NSSMC authority to determine how many platforms may operate over the next five years without safeguards against anticompetitive practices. The NBU called for transparent authorization rules to be included in the law and urged lawmakers to consult relevant parties before revising the draft.