NBU Opposes Ukraine Crypto Market Bill

The National Bank of Ukraine has expressed official disagreement with the current version of the bill on regulating the crypto market, proposed by the relevant committee of the Verkhovna Rada. The regulator demands revisions to the document due to identified risks to financial stability.

The main objections from the NBU concern the admission of foreign tokens performing the functions of electronic money into the market. This creates opportunities to bypass existing regulations and may lead to negative consequences for the national currency.

The regulator identifies the key problem as the excessive powers of the Securities and Stock Market Commission of Ukraine (SSMCU). According to the NBU, this creates risks of market monopolization and increases the level of corruption threats in the sector.

Against the backdrop of the National Bank's position, the SSMCU takes an opposing view. The commission supports the bill and advocates for its rapid adoption by parliament to accelerate the legalization of crypto assets in the country.