Ukraine's Central Bank Opposes Current Crypto Asset Bill, Says It Threatens Financial Stability

The National Bank of Ukraine (NBU) has stated that it cannot support the current version of the draft law on virtual asset regulation, citing concerns that it could jeopardize Ukraine's monetary sovereignty, financial stability, and market competition. The NBU supports regulating the crypto market in line with the EU's Markets in Crypto-Assets Regulation (MiCA) framework, but has raised objections to the content of the draft submitted for second reading.

The NBU said the final text was only delivered on the evening of November 4, and that multiple compromises previously reached between the working group and lawmakers, the National Securities and Stock Market Commission of Ukraine (NSSMC), and other parties had been removed. NBU Deputy Governor Oleksiy Shaban raised concerns at a committee meeting the following day, but the meeting format did not allow for a comprehensive discussion.

The NBU warned that the draft could allow foreign tokens to enter the Ukrainian market without adequate regulation and leaves loopholes for issuers to bypass requirements applicable to domestic issuers. The draft also leaves the number of platforms authorized to operate over the next five years to the NSSMC's discretion, without stipulating safeguards against anti-competitive behavior; the NBU called for transparent authorization rules to be enshrined in law and for lawmakers to further revise the draft after consultation with relevant parties. (Bitcoin.com News)