During a meeting with business at the EBA Global Outlook, Governor of the National Bank of Ukraine (NBU) Andriy Pyshnyi called the recently adopted draft law on virtual assets important but imperfect.
He stressed that the National Bank has “a clear understanding of its functions and red lines beyond which it is impossible to go”. This primarily concerns the status of crypto assets:
“They cannot be a means of payment,” he said.
As a reminder, on 3 September 2025, the Verkhovna Rada of Ukraine supported in the first reading the relevant draft law, which should define their legal status, regulate the market of related services and introduce taxation. The document was supported by 246 deputies, with one person voting against and more than 30 abstentions.
The Incrypted editorial team has prepared a separate material on the main provisions of the legislative initiative and the prospects for its further adoption:
Pyshnyi emphasized the NBU’s readiness to finalize the draft law together with the parliamentary committee, international partners, and market participants.
“The time has come. In the first half of 2025 alone, the turnover of virtual asset companies operating in Ukraine was about $7 billion,” he said.
The NBU is also discussing the development of the crypto market in Ukraine in dialogue with international partners. The International Monetary Fund (IMF) mission is currently working in Kyiv, focusing on the draft state budget for 2026, monetary policy, and the financial sector.
“For three years, the current program with the IMF has been an important foundation for consolidating the efforts of international partners. I see that the IMF team has a strong intention to maintain our partnership, and our goals are fully aligned in this regard,” Pyshnyi said.
He added that discussions are underway not only on the current stage of cooperation, but also on a potential new program with the Fund.
Among other requirements of the NBU:
- A clear definition of market regulators and the distribution of their powers at the level of the law, rather than by delegating them to the government;
- Establishing rules for the exchange of virtual assets for currency values;
- Consolidation of the NBU’s role in controlling these processes.
“It is important that virtual assets do not become a tool for circumventing the NBU’s restrictions, and their legalisation should not fuel the shadow sector,” Pyshnyi added.
The second reading of the draft law is ahead, before which the text of the bill may be significantly changed.
Earlier, our team took a closer look at the issue of the NBU’s potential election as a crypto market regulator:
