The National Bank of Ukraine says that cryptocurrency is not real money. They also want to make rules for the cryptocurrency industry, and they are using the law in the European Union as a model.
Kateryna Rozhkova, the First Deputy Governor of the NBU, made these comments during a TV interview with My-Ukraina. Rozhkova said:
Cryptoassets aren’t the same as money. We agree with the International Monetary Fund (IMF) on this.
Rozhkova said that the NBU plans to control the crypto sector.
But she admitted that the issue would probably not be a priority for now.
Politicians seem to have different thoughts. In late 2023, the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy announced that they are creating a new law about taxing cryptocurrencies.
A new law about securities and the stock market may be ready for discussion in the Rada soon.
The NBU is also ready to use a law similar to the EU’s Markets in Crypto-Assets (MiCA) legislation.
But Rozhkova said that the IMF thinks it would be dangerous to change the way money is managed while there is a big war in Ukraine.
Ukraine’s Central Bank is not currently focusing on making rules for cryptocurrencies.
The person from the central bank said that right now, it’s more important for the Ukrainian economy to focus on keeping its overall financial system stable, rather than worrying about cryptocurrency.
Rozhkova said that the bank plans to regulate cryptocurrency eventually, and will follow the EU’s example. She said:
We will learn about how different countries in Europe and around the world approach the market for cryptoassets. After that, we will figure out how to change it to fit our laws.
According to the news site Focus, Alexander Kuryavyi, who is the managing partner at the law firm Murenko, Kuryavyi, and Partners, said that cryptocurrency exchanges are not yet regulated by Ukrainian law. Kuryavyi said: n Kuryavyi said:
“This means we can’t protect the customers who use the exchanges. “