Ukraine’s National Bank opposes draft law No. 10225-d in its current form, warning that insufficiently supervised foreign-issued tokens could threaten financial stability, domestic payments, monetary control and the national currency. In a November 4 statement, Deputy Governor Oleksii Shaban said the bank received the revised text late on November 3, ahead of a committee meeting, and criticized the drafting process as “not sufficiently transparent.” The NBU supports regulation aligned with the European Union’s Markets in Crypto-Assets framework, or MiCA, and International Monetary Fund guidance, but said earlier agreements were not reflected in the latest version. It wants authority to assess foreign tokens, including those that could function like electronic money, and restrict them when necessary, while requiring overseas assets to meet standards comparable to locally issued tokens. The bank also objects to giving the National Securities and Stock Market Commission discretion to determine the number of licensed crypto trading platforms during the first five years. The NBU had accepted an initial cap of three operators selected through open competition, but warned that the revised approach could encourage market concentration and misuse of licensing powers. The bill passed its first reading in September 2025 by 246 votes to 31 and is awaiting a final parliamentary vote. It proposes a temporary 5% income-tax rate through 2028 for qualifying crypto assets acquired before the law takes effect, while excluding crypto-to-crypto exchanges from taxation. An earlier virtual-assets law approved in 2022 never took effect because related tax changes were not adopted.