Ukraine's National Bank blocks crypto market regulation bill

Ukraine's National Bank opposes crypto market bill

The relevant committee of the Verkhovna Rada has approved Bill No. 10225-d, which regulates the cryptocurrency market. However, the National Bank of Ukraine did not support the current version of the document and demanded its revision.

• Risks associated with allowing foreign tokens that perform the functions of electronic money.
• Potential to bypass existing cryptocurrency market regulation mechanisms.
• Excessive expansion of the powers of the State Commission for Securities and Stock Market (SCSSM), which could lead to market monopolization and increased corruption risks.

The State Commission for Securities and Stock Market (SCSSM) supports the initiative and insists on the swift adoption of the law.

Regulatory conflict of interest

The contradiction between the positions of the NBU and the SCSSM indicates the need for a compromise to create an effective legal framework. Key issues concern control over foreign assets and preventing sector monopolization.

Revision of the bill is necessary to eliminate corruption risks and ensure financial market stability.