The National Bank opposes the current draft of bill No. 10225-d citing stability risks
Ambassadors of the G7 nations have emphasized the importance of the National Bank of Ukraine's independence. This follows the regulator's refusal to support the current version of draft bill No. 10225-d, which aims to regulate the virtual assets market. This was reported by RBC-Ukraine (Сергій Новіков), according to the portal PromPolitInform.
In a statement, the G7 ambassadors’ support group in Ukraine noted that ensuring the independence and transparency of the regulator remains vital for the country’s economic resilience. The diplomats acknowledged the position of the NBU, which rejects the bill in its current form due to potential threats to monetary sovereignty and the financial system.
Concerns regarding draft bill No. 10225-d
The National Bank states that it supports European MiCA standards and International Monetary Fund recommendations for regulating the virtual assets market. However, the regulator believes the process of finalizing the bill’s text lacked transparency, and key agreements reached by the working group were ignored.
Deputy Governor of the NBU Oleksiy Shaban attempted to voice the agency’s warnings during a committee meeting, but a full professional discussion did not take place. The regulator has identified three main dangers within the current draft of the document.
Key risks to the financial system
The first risk involves the uncontrolled entry of foreign tokens into the market, which could act as electronic money without proper oversight. The NBU is seeking authority to restrict the circulation of such assets if they pose a threat to the stability of the payment infrastructure.
The second aspect concerns regulatory gaps that could grant foreign virtual assets preference over Ukrainian ones. The regulator warns that this would remove a significant portion of the market from state supervision.
The third risk involves potential corruption and monopolization of the sector through authorization procedures conducted by the National Securities and Stock Market Commission. The NBU points out that the final version lacks clear restrictions for trading platform operators, creating an anti-competitive environment.
Next steps
The National Bank emphasizes the need to revise the bill with the involvement of all legislative stakeholders. The regulator remains open to cooperation, provided that clear rules are established that do not undermine trust in the hryvnia or Ukraine’s economic security.
Recall that draft bill No. 10225-d passed its first reading in September 2025 and was recommended for a second reading by the Verkhovna Rada’s profile committee on November 4, 2026. A vote in the parliamentary hall is expected in November.
Illustrative photo: Irina Vol. Zakaluzhna / CC BY-SA 3.0
