Subject to certain exceptions, financial services may generally only be rendered by a financial institution that has obtained the relevant license from either the NBU or the NSSMC, as applicable.

Currently, the list of financial services includes the following types of services:

• Trading of currency valuables
• Attraction of financial assets with an obligation of their subsequent repayment
• Financial leasing
• Provision of loans, including on the terms of a financial loan
• Provision of guarantees
• Money transfers
• In the sphere of insurance
• Activities within the system of a cumulative pension provision
• Professional activity on the securities market
• Factoring
• Banking and other financial services provided under the Banking Law

Banking activities

A commercial bank carries out its banking activities pursuant to a banking license issued by the NBU. A banking license allows a bank to attract funds (deposits) from legal entities and individuals; open, maintain and carry out transactions with current accounts of clients and correspondent banks; and place attracted funds in its own name, on its own terms, and at its own risk. Only a duly licensed commercial bank may carry out all of the foregoing, except for certain banking operations that may be carried out by the Central Securities Depository based on the license of the NBU. A duly licensed commercial bank may also render financial services to its clients (save for other commercial banks), including through its commercial agents, based on agency agreements. The list of such services is set out by the NBU.

In addition, a duly licensed commercial bank may also carry out the following activities:

• Issuance of its own securities
• Provision of safekeeping services (but not including the custody of securities)
• Rendering of consulting and information services related to banking and other financial services
• Investments
• Organization of monetary lotteries
• Transportation of currency valuables and cash collection

A duly licensed commercial bank may also render banking and other financial services in foreign currencies, which constitute foreign currency operations, based on its banking license issued by the NBU.

Other financial services activities

Pursuant to the applicable Ukrainian legislation, the NBU issues licenses for the following: 

• Trading of currency valuables
• Attraction of financial assets with an obligation of their subsequent repayment
• Financial leasing
• Provision of loans, including on the terms of a financial loan
• Provision of guarantees
• Money transfers
• In the sphere of insurance
• Factoring

The NSSMC issues licenses for the following:

• Activities within the system of a cumulative pension provision
• Professional activity on the capital markets

Status of cryptoassets and cryptocurrencies

On 6 December 2019, Verkhovna Rada of Ukraine partially implemented the 5th EU AML Directive and the respective FATF guidance and introduced a "virtual asset" concept.  Moreover, it extended the list of obliged entities engaged in the following activities:

• Exchange of virtual assets
• Transfer of virtual assets
• Custody and/or administration of virtual assets or instruments, which enable their control
• Participation and provision of financial services related to the issuer's offering and/or sale of virtual assets

In addition, on 2 December 2020, Verkhovna Rada of Ukraine adopted in the first reading the draft law on virtual assets. It was signed by the President of Ukraine on 17 February 2022, but has not entered into force. Among other things, it sets out: (i) the legal status of the virtual assets; (ii) their issuance rules; (iii) the relevant regulator and scope of its powers; and (iv) the liability for a breach of conduct of business rules.