National Bank of Ukraine Stresses Crypto “Not Money,” Plans for Regulation Aligned with EU Framework

In a recent announcement, the National Bank of Ukraine (NBU) has emphatically stated that cryptocurrencies are not to be considered as money. Additionally, the NBU has reasserted its commitment to regulating the rapidly evolving crypto sector, using EU law as a benchmark. This move highlights the NBU’s progressive approach toward cryptocurrencies and its determination to establish a robust regulatory framework that will protect investors and foster innovation.

Agreement with the International Monetary Fund (IMF)

The NBU’s stance on cryptocurrencies aligns with the perspective of the International Monetary Fund (IMF). In a show of solidarity, the NBU concurs with the IMF’s characterization of cryptoassets as “not money.” This shared view underscores the importance of adopting a cautious approach toward the ever-expanding crypto market.

NBU’s Commitment to Regulate the Crypto Sector

Kateryna Rozhkova, the First Deputy Governor of the NBU, emphasized the institution’s unwavering commitment to regulating the crypto sector during a recent TV interview with My-Ukraina. Asserting that cryptocurrencies are not money, Rozhkova highlighted the NBU’s plan to implement comprehensive regulatory measures.

Rozhkova further elaborated on the NBU’s regulatory plans, indicating that they intend to reference EU law for guidance. By leveraging the experience and expertise of the European Union, the NBU aims to create a regulatory framework that aligns with international best practices and navigates any potential challenges associated with the crypto sector.

Potential delay in regulatory measures

While the NBU is resolute in its intention to regulate the crypto sector, Rozhkova candidly admitted that the matter might take a back seat for the time being. Speculation arises as to the reasons behind this delay. Some experts believe that the NBU may be cautiously monitoring the global regulatory landscape to ensure a well-informed and comprehensive approach. Others suggest that the delayed timeframe could be attributed to the complex nature of developing a tailored regulatory framework that effectively addresses the unique attributes of cryptocurrencies.

Lawmakers’ perspectives

Lawmakers in Ukraine seem to have differing views on the regulation of the crypto sector. While the NBU prioritizes the implementation of crypto regulations, other lawmakers have distinct plans for the industry. The Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy, for instance, has revealed that they are currently working on a draft crypto tax bill.

This divergence in perspectives might pose some challenges in achieving a harmonized and comprehensive regulatory framework. However, it is imperative for stakeholders to engage in fruitful discussions to reconcile their differing opinions and find common ground that can propel the industry forward.

The NBU’s firm stance on cryptocurrencies, not considering them as money, reflects its concerted efforts to establish a structured and regulated crypto sector. The alignment of the NBU’s perspective with that of the IMF further underscores the importance of prudently navigating the complexities of the crypto landscape.

Despite potential delays in regulatory measures, the NBU remains committed to creating a robust framework that balances innovation, investor protection, and systemic stability. By utilizing EU law as a reference, the NBU aims to draw upon international best practices to shape its regulatory framework.

In this era of digital transformation, it is crucial for Ukraine to establish a regulatory environment that fosters responsible growth and safeguards against potential risks. With stakeholders working together, Ukraine has the opportunity to become a leading jurisdiction that fosters innovation while ensuring the protection of investors and the stability of its financial system. By coupling the NBU’s proactive approach with constructive dialogue among lawmakers, Ukraine can pave the way for a thriving and sustainable crypto ecosystem.

Explore more

Why Is Tokenmaxxing a Flawed Metric for Developer Productivity?

The rapid integration of large language models into the daily workflows of software engineers has created a peculiar new phenomenon where the sheer volume of data processed is being mistaken for actual progress. This trend, colloquially known as “tokenmaxxing,” has spread through corporate boardrooms and development teams alike, fueled by a desire to quantify the elusive benefits of generative technologies.

How Is Digital Infrastructure Shaping Global Payments?

Brazil’s Pix system became the country’s most-used payment instrument within five years of its launch, accounting for 55% of all national transactions by late 2025. This rapid ascent illustrates a broader global shift where physical currency is no longer the primary engine of commerce, replaced by sophisticated digital rails that prioritize speed and accessibility. As nations transition toward cashless economies,

India’s UPI Marks 10 Years of Digital Payment Leadership

A decade ago, the sight of a roadside vegetable vendor accepting instant digital payments through a smartphone would have seemed like a scene from a science-fiction movie set in a distant century. Today, that scene is the standard across every corner of India, representing a profound shift in how an entire nation interacts with value. The Unified Payments Interface, or

Key Factors for the Successful Launch of the Digital Euro

The integration of the digital euro into existing banking applications allows the European Central Bank to bypass repetitive data entry by leveraging established identity verification data. This fundamental shift in the European financial landscape represents a move beyond abstract concepts of monetary sovereignty toward the practicalities of daily consumer use. While the European Central Bank (ECB) views this project as

How Is AI Transforming Customer Support in Australia?

The static hum of repetitive hold music is rapidly fading into history as Australian enterprises replace antiquated waiting rooms with sophisticated artificial intelligence capable of solving complex problems in seconds. This transformation is not merely a technical upgrade but a fundamental rewriting of the social contract between brands and the Australian public. As consumers increasingly demand immediate results, the traditional