NBU Governor: “Crypto assets cannot serve as legal tender”

National Bank of Ukraine Governor Andriy Pyshnyi said at the EBA Global Outlook meeting with business leaders that the newly adopted draft law on virtual assets is significant but still requires improvement.

“We have a clear understanding of our functions and red lines that cannot be crossed. First and foremost, this concerns the status of crypto assets. They cannot be used as a means of payment,” he stated.

On September 3, the Verkhovna Rada approved the draft in its first reading: 246 MPs supported it, one voted against, and over 30 abstained. The legislation aims to define the legal status of cryptocurrencies, regulate related services, and introduce taxation.

Pyshnyi underlined that the NBU is ready to work with the parliamentary committee, international partners, and market stakeholders to refine the document.

“The time has come. In just the first half of 2025, companies in the virtual asset sector operating in Ukraine reported a turnover of around $7 billion,” he noted.

Meanwhile, an IMF mission is in Kyiv focusing on the 2026 budget, monetary policy, and the financial sector.

“For three years the current IMF program has served as a crucial foundation for consolidating international partners’ efforts. I see the IMF team’s strong intention to maintain our partnership, and here our goals fully align,” Pyshnyi added.

Among the NBU’s requirements are:

• clearly defining regulators and their powers in the law itself;
• establishing rules for exchanging virtual assets into fiat;
• securing the NBU’s role in overseeing these processes.

“It is essential that virtual assets do not become a tool to bypass NBU restrictions, and their legalization must not fuel the shadow economy,” he concluded.