Ukraine's central bank rejects crypto bill 10225-d over foreign tokens

The National Bank of Ukraine said on November 4 that it cannot support draft law No. 10225-d on the circulation of virtual assets in its current form. The bill is being prepared for a second reading in the Verkhovna Rada, and the regulator wants lawmakers to rewrite part of it before the final vote.

For anyone who buys or sells crypto for hryvnia, this is not a minor procedural quarrel. It decides when, and under what rules, the market leaves its gray zone.

What exactly did the NBU object to?

There are three complaints. The first concerns foreign tokens that work like electronic money. The second is that overseas assets may get softer admission terms than Ukrainian ones. The third is about how trading platform operators will be chosen.

MiCA (Markets in Crypto-Assets) is the EU's single rulebook for crypto assets. The Ukrainian bill follows it, and the bank does not dispute the direction itself. The fight is over details, which in laws like this decide everything.

Why do foreign tokens look like a risk to the regulator?

According to the NBU, some foreign tokens act as electronic money in practice, even though supervision of them in the country of issue may be weaker. The statement does not say which assets are meant. Stablecoins such as USDT could potentially fit that description, but that is our reading, not a direct statement from the bank.

Here is what the regulator wants changed:

• Monetary sovereignty: tokens without proper oversight could weaken the NBU's grip on money in circulation and on how monetary policy decisions pass through.
• Extra pressure lands on the country's payment infrastructure.
• The bank wants the power to assess a foreign token before it enters the market and to restrict its circulation, just as it can with Ukrainian ones.
• Simplified admission for overseas issuers should not give them an edge over domestic companies.

How many platform operators will be allowed in?

At first the NBU supported an unlimited number of operators, provided they meet the requirements. It then accepted a compromise proposed by the securities regulator (NSSMC): no more than three legal entities at the start, picked through a competition.

According to media reports, the new version drops that cap. How many operators work during the first five years would be up to the commission itself. The NBU sees a risk of monopolization and corruption in how permits are issued and asks for clear, transparent rules.

What happens to the vote?

The NBU statement does not block the law automatically. The decision belongs to parliament. But the central bank's position affects whether the text reaches the floor unchanged: lawmakers can take the objections on board or vote for the version approved by the committee. We found no date for the second reading in the reports.

The tax deserves a separate note. The NSSMC earlier proposed taxing individual crypto income at 23%, made up of 18% income tax and a 5% military levy. That was the regulator's proposal, not a rule in force.

Will this affect USDT and Bitcoin exchange right now?

No. Until the law is adopted, current rules apply. People who exchange USDT for hryvnia or buy Bitcoin do not need to change anything, and exchanger rates still follow the market and demand.

The risk appears if the final text gives the NBU the power to restrict foreign tokens. Some assets could then become harder to reach on the Ukrainian market. For now that is only a scenario, and we will watch what the bill brings to its second reading.