Ukraine’s Central Bank Warns Crypto Bill Threatens Financial Stability

The National Bank of Ukraine (NBU) has rejected the current draft of legislation regulating virtual assets, citing risks to monetary sovereignty, financial stability and fair competition. The National Bank of Ukraine (NBU) has said it cannot support the current version of draft legislation regulating virtual assets, citing significant risks to the country’s monetary sovereignty, financial stability and market competition. While the central bank reiterated its support for regulating Ukraine’s cryptocurrency market in alignment with the European Union’s Markets in Crypto-Assets (MiCA) framework , it highlighted several concerns with the final text prepared for a second reading by a committee of the Verkhovna Rada, Ukraine’s parliament. According to a statement , the NBU criticized the legislative drafting process for lacking transparency.

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