Ukraine’s central bank rejects crypto bill over foreign token and monopoly risks

Ukraine’s central bank has refused to support the latest version of the country’s cryptocurrency regulation bill, warning that several provisions could threaten financial stability and give regulators excessive control over market access. Summary Ukraine’s central bank has refused to support the latest version of the country’s cryptocurrency regulation bill, citing concerns over financial stability, foreign tokens and market oversight. The regulator warned that foreign tokens functioning as electronic money could enter Ukraine without sufficient supervision, while overseas issuers could bypass requirements imposed on domestic companies. The NBU raised concerns about potential monopolization and corruption in crypto exchange licensing, as the revised bill leaves the number of authorized operators to the securities regulator’s discretion. The central bank said the final draft excluded several compromises reached during negotiations and called on lawmakers to revise the legislation before its adoption. In a November 4 statement, the National Bank of Ukraine said draft law No. 10225-d, which is being prepared for its second reading in parliament, does not address several concerns raise...