Ukraines Upcoming Cryptocurrency Law: Key Regulations and Oversight Structures by 2025

A draft bill concerning virtual assets, which delineates the powers of regulatory bodies, is expected to be ready by October 2025. The foundation of the bill will be based on the provisions of the European regulation known as MiCA. This information was shared by Kateryna Rozhkova, the first deputy head of the National Bank of Ukraine (NBU), as reported by Interfax-Ukraine.

International partners will provide technical assistance in the development of this document.

Rozhkova emphasized that in EU countries, oversight of the cryptocurrency market is carried out collaboratively. For instance, central banks focus on tokens backed by currencies or other monetary instruments, while securities regulators and the Ministry of Finance concentrate on other aspects of the market.

In Ukraine, there will also be a division of responsibilities among agencies regarding digital currencies. However, the Ministry of Digital Transformation will definitely not be among the regulators, due to the stance of the International Monetary Fund (IMF), as clarified by the official.

Following the adoption of the legislation, the NBU will begin formulating internal regulations to streamline its supervisory role over the industry.

“It is crucial to maintain macro-financial stability, so virtual assets must not replace traditional money. We need to ensure transparency among operators in compliance with financial monitoring requirements, safeguard the financial system against capital outflow, and protect the public,” Rozhkova stressed.

She pointed out that the decentralized nature of cryptocurrency wallets poses challenges for regulation and oversight and raises concerns about risks related to money laundering and tax evasion. Rozhkova referenced the online service BitCapital, which the NBU accused of running an illegal crypto-lending scheme.

It’s worth noting that in March, a model for distributing responsibilities among the key regulators of the digital asset market in Ukraine was presented during a meeting of the Financial Stability Council.