Ukraine's Central Bank Bars Crypto Purchases in Local Currency
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April 22, 2022

Ukraine's top financial regulator, the National Bank of Ukraine (NBU), has prohibited cross-border purchases of "quasi cash" with the country's national fiat currency — hryvnia.

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The regulator said in an official announcement that from now on individuals can only use foreign currency to purchase a monthly equivalent of up to $3,403 in crypto. The limitations also apply to cross-border peer-to-peer transfers. The NBU estimates that the changes will "improve conditions on the FX market, which is a prerequisite for further easing the restrictions and relieving pressure on Ukraine’s international reserves."

The NBU added the restrictions are expected to bar attempts to circumvent the existing NBU restrictions, including for foreign investment purposes, which is prohibited under martial law.

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In March this year, Ukrainian President Volodymyr Zelensky signed a law "On Virtual Assets" giving the local cryptocurrency market green light. The law describes that the National Bank of Ukraine and the country's National Commission on Securities and Stock Market will act as market's regulatory bodies. According to the Ministry of Digital Transformation, the law also determines the legal status and registration requirements for crypto services providers.

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