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Ukraine’s Central Bank Maintains Crypto is Not Currency Despite Regulation Plans

Key Takeaways

The National Bank of Ukraine (NBU) has reiterated that cryptocurrencies do not qualify as money under its criteria, aligning with the International Monetary Fund’s view.

The NBU says it aims to regulate the crypto sector but priorities related to the war may delay concrete action in the near term.

Ukrainian lawmakers and regulators are working on draft bills to establish taxation and other rules for cryptocurrencies.

NBU: Crypto Not Considered Money

First Deputy Governor of the NBU, Kateryna Rozhkova, stated in a recent TV interview that while the bank is committed to regulating the crypto sector, cryptocurrencies remain outside its definition of “money.”

According to an article on Focus.ua, the NBU’s stance aligns with the IMF’s position that cryptoassets do not meet the criteria to qualify as currency, representing more of an investment asset.

Regulation Plans and Priorities

Rozhkova stated that regulations for the crypto sector in Ukraine may be delayed due to the bank prioritizing matters relating to the ongoing war with Russia.

Meanwhile, Ukrainian lawmakers are working on draft bills for taxing crypto profits and providing an appropriate regulatory framework.

Seeking Best Practices from Abroad

The NBU revealed that it aims to adopt crypto regulation in line with the EU’s Markets in Crypto-Assets framework, reviewing methodologies from European countries and others before finalizing Ukrainian legislation.

Need for Greater Customer Protection

Alexander Kuryavyi of the Murenko law firm emphasized the lack of formal regulations has left crypto exchange customers in Ukraine with little recourse, highlighting the need for appropriate crypto rules and oversight.

IMF Cautions Against Policy Changes During War

The IMF has advised Ukraine to avoid significant monetary policy shifts while focusing on stabilizing the economy during the conflict.

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