Ukraine's central bank opposes cryptocurrency legalization bill, says it may threaten monetary sovereignty

TechFlow news, Nov. 5, according to CoinDesk, the National Bank of Ukraine (NBU) declined to support the current version of the cryptocurrency legalization and regulation bill (Bill No. 10225-d), stating that it lacks necessary regulatory safeguards and may threaten national monetary sovereignty, financial stability and economic security. The central bank is particularly concerned that foreign tokens not regulated by their issuing countries could enter the Ukrainian market and be used to circumvent local electronic money regulatory requirements.

In addition, the central bank objected to the market access mechanism, arguing that the final draft leaves the number of crypto trading platforms permitted to operate during the first five-year period to the securities regulator, potentially creating market concentration and corruption risks. The bill proposes that the National Securities and Stock Market Commission of Ukraine serve as the main regulator of the crypto market and introduce a 5% transitional tax rate on existing crypto assets until the end of 2028. The central bank urged lawmakers to further amend the bill before the final vote.

Source: TechFlow