Overview
- The National Bank of Ukraine publicly withheld its support and called for changes to Draft Law No. 10225-d after the parliamentary finance committee cleared the text for a second reading, a move that took place on Wednesday and sets up a final Verkhovna Rada vote later in November.
- The NBU identified three concrete problems: foreign tokens that function like electronic money would enter Ukraine without matching supervision, the draft treats domestic and overseas assets unequally which could create regulatory arbitrage, and the platform-authorization rules could enable monopolization or corrupt licensing decisions.
- The committee-recommended draft would split supervision between the NBU and the National Securities and Stock Market Commission, would take effect on July 1, 2027 if passed, and the committee still recommended advancing the bill despite the central bank’s objections.
- The text also includes tax and transition rules that would make personal crypto income subject to standard personal income tax with a reduced 5% rate through the end of 2028 for qualifying assets, exempt crypto-to-crypto trades from tax, and exclude virtual-asset deals from VAT.
- If lawmakers do not reopen the disputed clauses, the impasse could leave the NBU outside parts of the framework it helped draft and raise tangible risks to monetary-policy transmission, payment-system stability and fair competition in Ukraine’s growing crypto market.