--- title: "Ukraine Central Bank Rejects Virtual Asset Bill Ahead of Final Rada Vote" description: "The NBU warned of regulatory arbitrage and licensing corruption risks after a committee advanced draft law No. 10225-d to a second reading." url: https://basisdesk.news/news/ukraine-central-bank-opposes-crypto-bill-rada-vote published: 2026-11-05T14:36:35.662Z modified: 2026-11-05T14:36:35.662Z section: Regulation & Policy author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: bearish tickers: [] tags: [ukraine, nbu, nssmc, legislation, mica, stablecoins] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Ukraine Central Bank Rejects Virtual Asset Bill Ahead of Final Rada Vote The NBU warned of regulatory arbitrage and licensing corruption risks after a committee advanced draft law No. 10225-d to a second reading. ## At a glance - **What happened:** The National Bank of Ukraine withheld support on Nov. 4 for draft law No. 10225-d after a committee advanced it for a final vote [1]. - **Why it matters:** The draft designates the NSSMC as primary regulator, leaving the law heading to the floor without backing from the central bank [1]. - **Who is affected:** Ukrainian digital asset exchanges, foreign token issuers, the NBU, and the NSSMC [1]. - **Takes effect:** July 1, 2027 - **What's next:** A plenary floor vote on the bill in the Verkhovna Rada planned for November [1]. - **Status:** proposed - **Primary source:** [Ukraine’s Central Bank Withholds Support as Crypto Bill Nears Final Rada Vote](https://unchainedcrypto.com/ukraines-central-bank-withholds-support-as-crypto-bill-nears-final-rada-vote/) — unchainedcrypto.com ## Key points - The National Bank of Ukraine withheld support for bill No. 10225-d on Nov. 4, urging revisions before the second reading [1]. - A parliamentary committee advanced the bill to the floor with 20 votes, naming the NSSMC as primary regulator effective July 1, 2027 [1]. - The central bank cited licensing corruption risks and demanded oversight powers to curb unsupervised foreign e-money tokens [1]. ## Editorial remark - **Context:** Bill No. 10225-d passed its initial reading on Sept. 3, 2025, but its second reading stalled in July due to interagency friction between the central bank and securities regulators over who should supervise virtual asset providers [1]. - **Impact:** If passed in November without NBU revisions, crypto market surveillance and exchange licensing will consolidate under the NSSMC, while the central bank retains supervision over electronic money tokens from July 1, 2027 [1]. - **Watch:** A floor vote in the Verkhovna Rada planned for November will reveal whether lawmakers adopt the NSSMC-led draft or return the text for revisions [1]. The National Bank of Ukraine (NBU) refused to support draft law No. 10225-d on virtual assets in its current form on Nov. 4, demanding that lawmakers revise the text before bringing it to a second reading in parliament [1]. The announcement came the same day the Verkhovna Rada's Committee on Finance, Tax and Customs Policy voted 20 in favor to advance the legislation to the floor for final adoption [1]. Under the committee's text, the National Securities and Stock Market Commission (NSSMC) serves as the primary regulator for the crypto sector, while the NBU retains authority over electronic money tokens [1]. The provisions are slated to take effect on July 1, 2027 [1]. The NBU stated it received the final legislative text late on Nov. 3 and argued the drafting process lacked sufficient transparency, abandoning prior compromises negotiated between government bodies, market participants, and international partners [1]. Deputy Governor Oleksii Shaban presented the institution's objections during the committee session, which the central bank claimed did not provide adequate time for substantive review [1]. ## Disputed Licensing and Foreign Token Oversight The central bank outlined three primary operational risks in the revised draft [1]. First, the NBU warned that foreign tokens functioning as electronic money could enter the domestic market without supervision in their jurisdiction of origin, requesting statutory power to inspect and restrict such assets [1]. Second, the regulator cited the danger of regulatory arbitrage if foreign virtual assets bypass compliance rules imposed on domestic counterparts [1]. Third, the NBU alleged the structure poses monopolization and corruption risks in market participant licensing [1]. The central bank had previously agreed to an NSSMC compromise capping the initial market at three licensed trading-platform operators selected through competitive bidding [1]. The committee's revised text instead removed any explicit five-year cap on operators, assigning sole discretionary licensing authority to the NSSMC [1]. The dispute directly impacts who manages jurisdictional access to Ukraine's digital asset sector [1]. The Verkhovna Rada originally approved the bill in its first reading on Sept. 3, 2025, after earlier drafts designated the NBU as the primary market supervisor [1]. While the NBU reiterated its support for a regulatory model aligned with the European Union's Markets in Crypto-Assets (MiCA) framework, Committee First Deputy Chair Yaroslav Zheleznyak indicated the plenary vote remains scheduled for November [1]. ## FAQ **What is Ukraine's bill No. 10225-d?** Bill No. 10225-d is Ukraine's comprehensive draft law on virtual assets, designed to align the domestic crypto framework with the EU's MiCA regulation [1]. **Why did the National Bank of Ukraine oppose the bill?** The NBU cited a lack of powers to restrict unsupervised foreign e-money tokens, risks of regulatory arbitrage, and potential corruption regarding how the NSSMC licenses market operators [1]. **When would the crypto law take effect?** Under the current committee-approved text, the virtual asset rules would apply starting July 1, 2027 [1]. ## Sources 1. [Ukraine’s Central Bank Withholds Support as Crypto Bill Nears Final Rada Vote](https://unchainedcrypto.com/ukraines-central-bank-withholds-support-as-crypto-bill-nears-final-rada-vote/) — unchainedcrypto.com, 2026-11-05 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai