The National Bank of Ukraine has refused to back the bill that would legalise and regulate crypto in its current form, CoinDesk reports. The bank wants lawmakers to revise draft law 10225-d before a final vote.
It says it received the final text late on Tuesday, before a parliamentary committee approved it for a second reading, and called the drafting process not sufficiently transparent. It supports regulation modelled on the EU’s MiCA framework and IMF recommendations, but argues this bill lacks key safeguards.
Its main objection is foreign-issued tokens. They could enter Ukraine without supervision in their home countries, and some could act as e-money, which the bank says threatens monetary sovereignty. It wants the power to assess and restrict them, as it has over Ukrainian-issued tokens.
It also objects to market structure. An earlier compromise limited the market to three trading platform operators chosen competitively. The final draft leaves the number for the first five years to the securities regulator, which the bank says invites concentration and corruption.
Tax is part of the picture. The first draft applied the standard 18 percent personal income tax plus a 5 percent military levy. The updated bill sets a 5 percent transitional rate for existing crypto assets until the end of 2028 and exempts crypto-to-crypto trades.
Ukraine has been here before. A virtual assets law signed in March 2022 never took effect because it depended on tax code changes. The committee vote count and a date for the second reading are not public, so how much of the central bank’s list survives is unclear.
