The National Bank of Ukraine has officially opposed the adoption of bill No. 10225-d regulating the circulation of virtual assets in the version recommended by the Verkhovna Rada's specialized committee for the second reading. According to RBC-Ukraine, the regulator highlighted a number of significant shortcomings in the final version of the document, which, in its assessment, pose serious risks to the country's monetary sovereignty and financial stability. The NBU emphasizes that the committee made changes without taking into account preliminary agreements reached with the participation of the bank itself.
Uncontrolled Admission of Foreign Tokens
One of the key arguments against adopting the law in its current version was the permission for virtual assets from other jurisdictions to enter the Ukrainian market, which could function as electronic money without proper oversight. The NBU warns that such a mechanism effectively erodes state control over payment infrastructure and threatens monetary sovereignty. According to the regulator's assessment, an uncontrolled influx of foreign tokens could destabilize the national currency system and create a precedent for the parallel circulation of funds not subject to Ukrainian legislation.
Regulatory Gaps and Circumvention of National Requirements
The second systemic shortcoming pointed out by the NBU is the simplified rules for foreign virtual assets. In the final version of the document, such assets receive the opportunity to bypass the requirements established for Ukrainian analogues, which leaves significant market segments outside state oversight. The regulator believes that such asymmetry creates conditions for unfair competition and forms "gray zones" where it is impossible to ensure consumer protection and combat illegal operations.
Threat of Monopoly and Corruption Risks
Special attention in the NBU's position is given to changes concerning the number of operators of virtual asset trading platforms. In previous versions of the bill, it was planned to limit their number to three companies, but in the final version, clear quantitative restrictions were removed, and the decision on admitting operators was handed over to the discretion of the NSSMC without anti-competitive safeguards. The National Bank believes that such a structure creates a breeding ground for market monopolization and increases corruption risks in the distribution of licenses and permits.
European Standards as a Benchmark
Despite harsh criticism of the current version, the NBU emphasizes that it supports the development of the virtual asset market in Ukraine, but insists on its formation in accordance with European standards, primarily the MiCA regulation, as well as International Monetary Fund recommendations. The regulator urges members of parliament to finalize the document together with all market participants to eliminate corruption risks and protect the economic security of the state. Essentially, the NBU's position boils down to the fact that the bill is necessary in principle, but its current form is unacceptable.
Context: Pressure on the Head of the Regulator
The NBU's position on the virtual asset bill came against the backdrop of a tense situation around the bank's leadership. NBU Governor Andriy Pyshnyy publicly stated that he had no intention of resigning and reported political pressure and attempts at discredit directed at him. These statements followed law enforcement investigative actions regarding the head of the regulator: on the morning of October 21, representatives of NABU and SAP arrived at the NBU head with searches. The combination of these events intensifies the resonance surrounding the dispute over virtual asset regulation and emphasizes that the discussion on bill No. 10225-d goes beyond a purely technical issue and touches upon the independence of the financial regulator.
