Ukraine's Central Bank Opposes Crypto Bill 10225-d Over Sovereignty

The National Bank of Ukraine (NBU) has declined to back Bill No. 10225-d in its current form, warning that the draft crypto law could let foreign tokens circulate as electronic money without sufficient oversight and threaten the country's monetary sovereignty. The central bank's objection lands awkwardly: the NBU helped draft the bill it now publicly refuses to endorse.

The Verkhovna Rada Committee on Finance, Tax and Custom Policy has nonetheless recommended the bill for a second reading. The legislation cleared its first reading on September 3, 2025, with 246 votes in favor.

What does the central bank object to?

The NBU's core concern targets foreign-issued tokens. The bank fears they could function as electronic money inside Ukraine at scale, without the regulatory controls that apply to domestic e-money issuers. Electronic money is digital value used for payments, like a balance held in a payment app. If tokens issued abroad fill that role widely, the central bank loses part of its grip on the money circulating in its own economy — a risk the NBU frames in terms of monetary sovereignty and economic security.

A second objection concerns licensing design. The bill leaves the number of authorized crypto trading platforms to the discretion of the National Securities and Stock Market Commission (NSSMC), Ukraine's securities regulator. The NBU argues that open-ended discretion invites monopolization and corruption, and it flagged the risk of regulatory arbitrage favoring foreign participants.

According to the central bank, the latest draft fails to resolve issues raised during discussions with lawmakers, regulators and crypto industry representatives. The NBU wants clearer rules on how foreign tokens are admitted to the Ukrainian market and how operators are selected.

How would the bill tax crypto?

The tax provisions are where most traders will look first. The draft imposes an 18% personal income tax on profits from virtual asset transactions, plus a 5% military levy.

Several carve-outs soften the headline rate:

• Swaps between virtual assets remain tax-exempt, so rotating from one token into another would not count as a taxable event.
• A preferential 5% rate applies to profits on holdings acquired before 2027, available through 2028.
• Profits up to one minimum monthly wage are exempt entirely.

If the bill passes its remaining readings, it is set to take effect on July 1, 2027.

Why has Ukraine's crypto law sat unenforced since 2022?

Ukraine has technically had crypto legislation since 2022, when parliament passed the Virtual Assets Law, No. 2074-IX. That law has remained unenforced because it awaited accompanying tax legislation. Bill 10225-d is meant to supply that missing piece.

Research underpinning the bill points to alignment with broader European standards, including principles drawn from MiCA, the European Union's Markets in Crypto-Assets regulation.

The immediate practical question is whether the NBU's objections reshape the draft before the second reading. With an effective date of July 1, 2027, lawmakers retain a wide window to tighten the foreign-token admission and licensing rules the central bank says are missing.