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The National Bank of Ukraine (NBU) plays a key role in regulating the market of virtual assets (cryptocurrency) in Ukraine, ensuring the stability and legality of their circulation. The main powers of the NBU in this area include:
1. Development of the regulatory framework: the National Bank of Ukraine participates in the formation of legislative acts establishing the rules for the use of virtual assets in Ukraine, cooperating with other state bodies to develop the regulatory framework.
2. Control of financial stability: the NBU ensures that the use of cryptocurrencies does not pose a threat to the stability of the financial system of Ukraine, assessing risks to the macroeconomic situation.
3. Financial monitoring: The NBU is tasked with preventing money laundering and terrorist financing, therefore it monitors operations with virtual assets in order to protect against illegal activities.
4. Determining the status of virtual assets: the NBU is involved in establishing the legal status of cryptocurrencies, in particular, in distinguishing the concepts of "virtual asset", "financial asset" and "settlement instrument".
5. Integration into international norms: the National Bank of Ukraine cooperates with international financial institutions to harmonize Ukrainian standards for the circulation of crypto-assets with global norms and recommendations.
Thanks to these powers, the NBU ensures the safe functioning of the virtual asset market in Ukraine, reducing risks for the economy and protecting the rights of users of cryptocurrency services.
