defi · · 2 outlets
Ukraine’s central bank opposes crypto bill, citing monetary sovereignty concerns
Ukraine’s central bank won’t back a crypto legalization bill in its current form and wants lawmakers to revise it before a final vote.
The National Bank of Ukraine (NBU) has declined to back Bill No. 10225-d in its current form, warning that the proposed rules could put the country's financial system at risk.
The NBU helped draft the bill. Now it is publicly withholding support.
The NBU's core objection centers on foreign tokens. The bank fears they could function as electronic money inside Ukraine without enough regulatory oversight.
Electronic money is digital value people use to pay for things, like a balance in a payment app. If tokens issued abroad start filling that role at scale, a central bank loses some grip on the money circulating in its own economy.
The NBU frames this as a threat to Ukraine's monetary sovereignty and economic security. The bill leaves the number of crypto trading platforms up to the discretion of the National Securities and Stock Market Commission (NSSMC), the country's securities regulator.
The NBU argues that kind of open-ended discretion invites monopolization and corruption. The bank also flagged the risk of regulatory arbitrage that favors foreign participants. According to the NBU, the latest draft does not resolve issues raised during discussions with lawmakers, regulators, and crypto industry representatives.
Earlier coverage
Reported by CoinDesk and cryptobriefing.com.
Topics: defi, regulation.
