NBU chief: crypto assets won't be a means of payment
Ukraine's central bank set clear limits for the digital assets bill: crypto won't be legal money or a payment tool; regulators and powers must be written into law; and converting to regular money will be controlled by NBU.
Ukraine's central bank has drawn clear red lines for the country's upcoming crypto regulations. Andriy Pyshnyy, the Governor of the National Bank of Ukraine (NBU), delivered a definitive message: the draft law on digital assets will need substantial revisions before second reading – and that crypto assets will not be a means of payment. Pyshnyy made his position crystal clear at the EBA Global Outlook event, later reinforcing it in a detailed social media post that left no room for interpretation.
The central bank governor outlined non-negotiable requirements for lawmakers. The final law must explicitly name market regulators and clearly divide their responsibilities. Any mechanism allowing digital assets to be exchanged for traditional currency must be strictly defined, with the NBU's oversight powers clearly established in the legislation. Most critically, the legalization framework cannot become a backdoor around existing NBU restrictions or inadvertently fuel.
On September 3, 2025, Ukraine's parliament passed the digital assets bill in first reading. The text is expected to be heavily changed before second reading. Lawmakers showed agreement with the EU's MiCA framework and introduced tax rules for digital asset trades: the standard 18% income tax plus a military tax, with a 5% income tax rate for the first year for individual holders.
For exchanges and fintech companies, the direction is tighter control of money conversion services and clearer licensing and checking. Payment use cases – businesses accepting crypto and person-to-person payments called retail "crypto acquiring" – would stay outside the rules if the NBU's position is reflected in the final text. Banks and crypto service providers should expect stronger identity checks, anti-money laundering rules, and sanctions screening when converting to regular money.
Crypto assets cannot be a means of payment.- Andriy Pyshnyy, NBU Governor
The second reading draft will need to name the regulator (NBU, the securities commission, or both), set out the rules for converting digital assets to regular money and consumer warnings, and define transition timelines for crypto service providers and businesses. Until the text appears, the NBU's position is clear: legalize the market, but keep payment systems and currency control under the central bank's control.
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