The National Bank of Ukraine: Crypto is not Money
The National Bank of Ukraine (NBU) has emphasized that cryptoassets are not considered as money and has expressed its commitment to regulating the crypto sector based on EU law. First Deputy Governor of the NBU, Kateryna Rozhkova, made these statements in a TV interview. She acknowledged that although the NBU intends to regulate the sector, it may not be an immediate priority. However, Ukrainian lawmakers seem to have a different perspective, with the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy working on a draft crypto tax bill. The National Commission on Securities and the Stock Market is also preparing a bill for consideration. The NBU has shown interest in adopting legislation similar to the EU’s Markets in Crypto-Assets (MiCA) framework.
Ukraine’s Central Bank: Not Currently Prioritizing Crypto Regulation?
Rozhkova mentioned that “macro-financial stability” holds greater importance for the Ukrainian economy at present than cryptocurrency regulation. Nonetheless, she assured that the NBU will eventually regulate crypto and will take inspiration from European countries’ practices and methodologies. Currently, cryptocurrency exchanges remain unregulated in Ukraine, which poses challenges in protecting customers’ interests. Alexander Kuryavyi, managing partner at Murenko, Kuryavyi, and Partners law firm, highlighted this issue. Despite this stance by the NBU, there is still ongoing debate about regulating the crypto sector within Ukraine.
Hot Take: Ukrainian Central Bank Affirms Commitment to Regulating Crypto
The National Bank of Ukraine has clarified that it does not consider cryptocurrencies as money but remains determined to regulate the sector. While acknowledging that macro-financial stability is currently a higher priority for the country, the bank plans to draw inspiration from EU legislation and adapt it to Ukrainian laws. However, the lack of regulation for cryptocurrency exchanges poses challenges in protecting customer interests. This statement by the NBU indicates its willingness to embrace a regulatory framework for cryptocurrencies, although there is ongoing discussion and debate surrounding the issue within Ukraine.
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