Ukraine is developing a law on cryptocurrencies based on MiCA
Date: 2025-04-09 Author: Henry Casey Categories: IN WORLD
The Ukrainian authorities are preparing to create a legal framework for regulating digital assets based on the European MiCA regulation. As First Deputy Head of the National Bank of Ukraine Kateryna Rozhkova said in an interview with Interfax-Ukraine, the draft law is expected to be completed by October 2025. The project is being developed with the support of international consultants.
One of the key tasks will be to define the roles of different regulators. In the countries of the European Union, Rozhkova explained, supervision is distributed between the central bank and financial regulators: the central bank controls stable tokens tied to fiat currencies or other financial assets, while other bodies monitor other digital assets. A similar approach is planned to be implemented in Ukraine.
However, unlike the EU, the Ukrainian Ministry of Digital Transformation will not be included among the regulators. This is due to the recommendations of the International Monetary Fund, the NBU representative emphasized.
After the adoption of the draft law, the National Bank will begin developing its own regulations to establish rules in its area of responsibility. The regulator's focus remains on macroeconomic stability. As Rozhkova noted, virtual assets should not replace traditional money, and the market should remain transparent and controllable, taking into account the requirements of financial monitoring.
Particular attention is paid to preventing capital outflows abroad and protecting citizens from potential risks. Rozhkova emphasized that decentralization of crypto wallets complicates regulation and creates grounds for possible legalization of criminal proceeds and tax evasion.
She also recalled the recent case of BitCapital, an online service that, according to the NBU, operated outside the law, providing crypto loans through illegal schemes.
It should be noted that back in March, the Ukrainian authorities presented a model for distributing responsibilities between key regulators of the digital market at a meeting of the Financial Stability Council. This was an important step towards creating a full-fledged infrastructure for monitoring the cryptocurrency market in the country.
One of the key tasks will be to define the roles of different regulators. In the countries of the European Union, Rozhkova explained, supervision is distributed between the central bank and financial regulators: the central bank controls stable tokens tied to fiat currencies or other financial assets, while other bodies monitor other digital assets. A similar approach is planned to be implemented in Ukraine.
However, unlike the EU, the Ukrainian Ministry of Digital Transformation will not be included among the regulators. This is due to the recommendations of the International Monetary Fund, the NBU representative emphasized.
After the adoption of the draft law, the National Bank will begin developing its own regulations to establish rules in its area of responsibility. The regulator's focus remains on macroeconomic stability. As Rozhkova noted, virtual assets should not replace traditional money, and the market should remain transparent and controllable, taking into account the requirements of financial monitoring.
Particular attention is paid to preventing capital outflows abroad and protecting citizens from potential risks. Rozhkova emphasized that decentralization of crypto wallets complicates regulation and creates grounds for possible legalization of criminal proceeds and tax evasion.
She also recalled the recent case of BitCapital, an online service that, according to the NBU, operated outside the law, providing crypto loans through illegal schemes.
It should be noted that back in March, the Ukrainian authorities presented a model for distributing responsibilities between key regulators of the digital market at a meeting of the Financial Stability Council. This was an important step towards creating a full-fledged infrastructure for monitoring the cryptocurrency market in the country.
