The Head of the National Bank of Ukraine, Andriy Pyshnyy, outlined the key principles that the regulator will adhere to regarding the legalization of crypto assets in the country. In an interview, he noted that the process should be based on a European approach, taking into account the recently adopted MICA directive and European Union regulations.
This is reported by Business • Media
European Approach and NBU’s “Red Lines”
Pyshnyy emphasized that the regulatory framework for the virtual asset market must consider the requirements of European integration, while still allowing room for interpretation of certain provisions due to their novelty. At the same time, the head of the NBU stressed the importance of maintaining regulatory control and strict adherence to the “red lines.”
“It is important for us that our ‘red lines’ are clearly adhered to. Virtual assets cannot be a means of payment, nor can they undermine the effectiveness of our monetary instruments in any way. There should be no transfer of monetary powers or undermining of the National Bank’s capabilities due to the legalization of virtual assets,” the central bank leader emphasized.
Furthermore, Pyshnyy noted that the issue of taxing crypto assets is not within the competence of the National Bank. He highlighted the necessity of implementing standards from the Financial Action Task Force (FATF) and the EU to prevent the use of virtual assets for circumventing financial restrictions.
Bringing the Crypto Market Out of the Shadows and Other Priorities
In Pyshnyy’s opinion, the legalization of crypto assets should contribute to bringing the market out of the shadows; however, this requires broad discussion among industry participants and the state. It was noted that the NBU has repeatedly emphasized the impossibility of using virtual assets as a means of payment, and the stability of the hryvnia allows the economy to remain effective even in wartime conditions.
During the interview, issues regarding the licensing of the company Revolut, which officially entered the Ukrainian market in February 2025, were also discussed. The head of the NBU mentioned that dialogue between the bank and the company is ongoing, but details are not disclosed.
Regarding the BitCapital case, Pyshnyy reported that the National Bank is analyzing about ten companies and services within its supervisory activities, conducting in-depth checks in accordance with internal procedures and regulations.
An important topic was also the implementation of the digital hryvnia (CBDC). According to Pyshnyy, the concept of the e-hryvnia architecture has already been formed, and preparations for a pilot project have begun, with a search for a technological partner ongoing. NBU Deputy Head Oleksiy Shaban previously reported that a final decision on the issuance of CBDC has not yet been made, but its status in the legislation has already been established.