# Ukraine’s Central Bank Opposes New Crypto Legislation The NBU warns that current draft laws threaten financial stability and market competition. - **Source:** [Bitcoin News](https://brifing.si/source/d8aeaf1e-9839-4dad-9d25-7a6bf3fbeef8) - **Published:** 2026-11-06 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/ca984fcb-3038-4478-8a7e-f5975ad3d181 ## Regulatory Stance Shift The National Bank of Ukraine has officially rejected the latest draft legislation concerning virtual assets. The central bank argues that the current text poses significant risks to national financial stability and monetary sovereignty. This opposition follows the unexpected removal of previously agreed-upon compromises during the final legislative drafting process. ## Transparency and Process Issues NBU officials expressed frustration regarding the lack of transparency in the drafting process. The final text was received late on November 4, revealing that key stakeholder agreements had been omitted. Deputy Governor Oleksiy Shaban attempted to address these discrepancies during a committee meeting, but the format prevented a comprehensive discussion. ## Foreign Token Risks The central bank warns that the current bill allows foreign tokens to enter the market without sufficient oversight. Such unregulated circulation could undermine monetary policy transmission and threaten the stability of Ukraine's financial infrastructure. The NBU seeks explicit authority to assess these risks and restrict foreign token circulation within the country. ## Regulatory Arbitrage Concerns The NBU argues that the proposed law creates loopholes that allow issuers to bypass domestic requirements. This situation could lead to regulatory arbitrage, where entities exploit differences in legal standards to gain unfair advantages. The bank insists on consistent compliance standards to protect national financial security and prevent unsupervised market segments. ## Market Competition Fears Initial discussions favored allowing multiple compliant trading platforms to operate within Ukraine. However, the current draft grants the National Securities and Stock Market Commission five years of licensing discretion. The NBU fears this lack of mandatory safeguards will fuel monopolies and prevent fair competition within the emerging virtual asset sector. ## Call for Legislative Refinement The central bank has formally requested that lawmakers return the draft for further refinement. The NBU emphasizes that sustainable market development requires clear rules and effective risk controls. They remain committed to aligning the framework with the European Union’s Markets in Crypto-Assets standards while ensuring the protection of the hryvnia. ## Institutional Conflict Dynamics This dispute highlights the tension between the NBU and the National Securities and Stock Market Commission regarding oversight roles. The central bank is pushing for transparent authorization rules to reduce corruption risks. Without these changes, the NBU maintains that it cannot support Draft Law No. 10225-d in its current form. ## Broader Economic Implications The outcome of this legislative battle will define the future of Ukraine’s digital finance landscape. By prioritizing national economic security, the NBU aims to foster innovation without compromising public confidence. Lawmakers must now decide whether to integrate these central bank objections or proceed with a bill that faces significant institutional opposition. ## Sources covering this story - https://news.bitcoin.com/regulation-and-legal/ukraines-central-bank-warns-crypto-bill-threatens-financial-stability/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._