The NBU supports the draft law on crypto assets, but insists on expanding its powers

The National Bank of Ukraine supports the new draft law on the regulation of cryptoassets, but has a number of comments. This was stated by the Deputy Head of the NBU Oleksiy Shaban during a meeting of the Verkhovna Rada Committee on Finance, reports UNN.

Details

The National Bank generally supports this important bill and we thank the working group that took into account our proposals for the bill

"There are a number of comments, proposals of the National Bank that were not taken into account," - added the Deputy Head of the NBU. 

According to Shaban, the National Bank insists on clarifying its powers in the field of authorization procedures, establishing operational and prudential requirements for virtual asset providers.

He also added that the regulator should have the right to determine the requirements for information protection and consumer rights protection, in particular during the exchange of cryptoassets for fiat funds.

A number of proposals that we provided during the working group do not allow us to be calm now that we, the National Bank, will have the authority to determine the procedure for these services. Including, first of all, the exchange for fiat funds regarding the protection of the rights of retail owners of virtual assets and information and crypto protection

Addition

The head of the National Securities and Stock Market Commission, Ruslan Magomedov, in a commentary to the UNN correspondent reported that a draft law is being prepared in Ukraine to legalize virtual assets, which is based on the European MiCA directive. The NSSMC together with the NBU are working on the document to protect investors.

The First Deputy Head of the NBU, Kateryna Rozhkova, stated that the draft law on virtual assets in Ukraine with the distribution of powers of regulators will be prepared by October 2025 with the involvement of technical assistance from international partners, which will be based on the European MiCA directive. 

Add

Fintech expert and co-founder of the first fintech ecosystem in Ukraine, Concord Fintech Solutions, Olena Sosiedka, noted in a UNN commentary that the legalization of cryptocurrencies in Ukraine will bring systemic changes to the digital asset market. According to her, the reform will be based on the European model with the distribution of powers between the NBU and the NSSMC. This will allow to bring order to the field of cryptocurrencies, where chaos currently reigns. Companies working with digital assets will be required to obtain licenses, disclose owners and undergo financial monitoring.

The rules for ordinary crypto users will also change. In particular, they will need to declare cryptoassets, pay taxes and undergo verification. In return, the state will guarantee greater protection of their rights. 

In the future, Olena Sosiedka predicts an increase in the number of licensed companies, a decrease in the shadow segment of digital assets and an activation of the work of Ukrainian banks to create new interesting digital products. The fintech expert is convinced that Ukraine now has a real chance to become a pioneer in the introduction of the hryvnia stablecoin and lay the foundation for a civilized crypto market that will be beneficial to both business and the state and citizens.

Let us remind you

In February, it was reported that the virtual banknote will soon be legal in Ukraine. The head of the National Securities and Stock Market Commission, Ruslan Magomedov, told the UNN correspondent that the draft law has already been sufficiently elaborated and can and should be adopted by the deputies of the Verkhovna Rada. The purpose of legalization is to launch the virtual asset market.

The head of the subcommittee on the functioning of payment and information systems and the prevention of legalization (laundering) of proceeds of crime, Olga Vasilevska-Smaglyuk, said that the Verkhovna Rada plans to adopt a draft law on taxation of cryptoassets by the end of this year. This will allow tracking operations with cryptocurrencies, in accordance with European regulations.