The Head of the National Bank Told About the Prospects for Cryptocurrency Legalization in Ukraine.

Head of the National Bank of Ukraine Andriy Pyshnyy: The Hryvnia is a Legal Tender, Legislative Regulation of Cryptocurrencies is Necessary

Head of the National Bank of Ukraine Andriy Pyshnyy emphasized that the hryvnia remains the only legal tender in Ukraine. At the same Time, he noted that legislative regulation of the virtual assets market is necessary. "We do not consider cryptocurrency as a legal tender. Are we working on this challenge? Yes, we are working," said Pyshnyy.

According to the head of the NBU, several technical missions of the International Monetary Fund have been conducted to study international experience and develop proposals for regulating the virtual assets market taking into account European standards and financial monitoring requirements.

Pyshnyy predicts an increase in the volume of operations with cryptoassets after the introduction of a limit on P2P transfers to 150,000 UAH per month from October 1, 2024. In this regard, the NBU intends to create "maximally transparent and understandable rules of the game in this market".

The head of the National Bank noted that currently the virtual assets market predominantly serves shadow turnover and optimization schemes. The NBU has directed efforts to combat unlicensed activities related to the functioning of the virtual assets market.

Pyshnyy also reported on the adoption of law No. 11043, which will allow the NBU to improve mechanisms for regulating payment operations and prevent abuse. It is planned to enhance interaction with other state bodies, such as the Ministry of Internal Affairs and the State Tax Service.

There is currently no ready-made solution for the legislative regulation of the virtual assets market that fully satisfies the National Bank. "Thus, we must critically rethink this situation together with colleagues from other institutions and, after analyzing what has already been done, focus on finding optimal solutions for updating the legislation. Work on this is also ongoing," summarized Andriy Pyshnyy.