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National Bank of Ukraine Takes a Cautious Stance on Crypto

The National Bank of Ukraine is throwing down the gauntlet in crypto arena, boldly declaring that crypto "is not money"
By Josefina Dipaolo
January 11, 2024

In the ever-evolving landscape of cryptocurrency, the National Bank of Ukraine (NBU) is navigating uncharted waters, asserting that crypto "is not money" while expressing a steadfast commitment to regulate the sector. The First Deputy Governor of the NBU, Kateryna Rozhkova, recently conveyed these sentiments during an insightful TV interview with My-Ukraina. As Ukraine grapples with the complexities of crypto regulation, lawmakers are forging ahead with proposed bills, adding a layer of anticipation to the unfolding narrative.

Rozhkova's remarks emphasize a consensus with the International Monetary Fund (IMF) on the classification of cryptoassets as non-monetary entities. Despite this alignment, she affirms the NBU's determination to bring the crypto sector under regulatory purview, even if the issue takes a temporary back seat. In contrast, lawmakers in the Verkhovna Rada are actively crafting a draft crypto tax bill, demonstrating a proactive stance toward addressing the industry's nuances.

Looking ahead, the National Commission on Securities and the Stock Market is gearing up to present its own bill for consideration in the Rada, further underscoring the legislative momentum surrounding cryptocurrency. The NBU, in its commitment to aligning with global standards, is eyeing the European Union's Markets in Crypto-Assets (MiCA) legislation as a potential framework for Ukrainian crypto regulation.

Despite the urgency surrounding crypto regulation, Rozhkova acknowledges the present priority of "macro-financial stability" amidst the ongoing geopolitical challenges, emphasizing that the IMF deems it "very risky" to enact monetary policy changes during times of conflict. Nevertheless, she assures that regulating crypto remains on the NBU's agenda, with a strategic approach borrowed from the EU's best practices.

In the intricate dance between cryptocurrency and regulation in Ukraine, the NBU, guided by First Deputy Governor Kateryna Rozhkova, seeks to strike a balance. While acknowledging the pressing importance of macro-financial stability, the central bank remains resolute in its commitment to regulate the crypto sector. With a keen eye on EU standards and global best practices, the NBU sets the stage for a regulatory framework that mirrors international norms, providing a glimpse into Ukraine's evolving stance on the ever-expanding world of digital assets.

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