The Head of the National Bank of Ukraine, Andriy Pyshny, outlined the main requirements of the regulator regarding the legalization of crypto assets in the country. In his interview, he emphasized that the legalization process must adhere to the standards of the European Union, particularly in accordance with the MICA directive and EU regulations.
This is reported by Finway
European Path and NBU’s “Red Lines”
Pyshny stressed that the formation of a legislative framework in the area of virtual assets should occur in line with European requirements. At the same time, the new regulations that recently came into effect leave some aspects open to interpretation. This provides room for adapting the legislation to Ukrainian realities, but, as the head of the NBU notes, it is essential to adhere to strict principles.
“In shaping the legislative field for the implementation of virtual assets, considering European integration, we must move in a clear channel defined by the European MICA directive and the relevant regulations of the European Union.”
According to Pyshny, one of the key principles is that virtual assets cannot be recognized as a means of payment. He also emphasized the inadmissibility of undermining the effectiveness of the country’s monetary instruments or transferring monetary powers of the National Bank through the legalization of crypto assets.
Market Monitoring and Digital Hryvnia
The head of the NBU noted that the legalization of cryptocurrencies should be accompanied by compliance with the standards of the Financial Action Task Force (FATF) and EU norms. The goal should be to bring the crypto market out of the shadows, which, in Pyshny’s opinion, requires broad public discussion.
The issue of taxing crypto assets is currently not being considered by the central bank, as it does not fall within its competence. However, the NBU is closely monitoring the activities of companies in the crypto sector. Pyshny reported that an investigation is currently underway regarding about ten companies and services, including the case of BitCapital. According to him, all cases undergo thorough scrutiny in accordance with existing procedures.
“This is not an isolated case. We are carefully analyzing other cases that we identify during our supervisory activities. Currently, approximately ten companies and services are under review. The National Bank conducts an in-depth examination of each of these cases, following the process defined by our regulatory procedures and legal acts.”
The interview also addressed the issue of the digital hryvnia (CBDC). Pyshny noted that a potential architecture for the e-hryvnia has already been determined, and preparations for a pilot launch are underway, with the selection of a technological partner ongoing. According to information, by March 2025, the status of the digital hryvnia will already be enshrined in the legal framework, although a decision on its issuance has not yet been made.
Regarding the company Revolut, which officially entered the Ukrainian market in February 2025, Pyshny mentioned the continuation of dialogue between the regulator and the company, but refrained from detailed comments on the licensing process.