At the end of April 2025, the Committee of the Verkhovna Rada of Ukraine on Finance, Taxation, and Customs Policy unanimously supported the bill on virtual assets. However, it was not the version developed earlier with the participation of the National Securities and Stock Market Commission, nor the alternative version from the Ministry of Digital Transformation, but a revised document.
The main goal of the bill is stated as regulating the turnover of digital assets, their taxation, and protecting the rights of market participants.
In particular, the document sets requirements for providers of services related to cryptocurrencies and their licensing, and defines key terms.
The updated draft law is as close as possible to the European version of regulation, noted the regional head of Binance in Central and Eastern Europe, Central Asia, and Africa, Kyrylo Khomyakov, in a conversation with Incrypted.
The latest draft of the bill significantly differs from previous versions and gives hope that it will be a step towards forming a transparent crypto market in Ukraine, noted the operational director of the global non-custodial staking provider Everstake, Bohdan Opryshko:
“Harmonization with MiCA is a strategically correct decision that will open the way to licensing in the EU and accelerate the entry of Ukrainian companies into international markets.”
Not everyone shares this position. Thus, the founder of the UAHg.io project, Maxim Dmyanyuk, although noted that any legal framework is better than its absence, pointed out that the maximum adaptation of Ukrainian regulation to European standards is unlikely to create incentives for business. According to him, given the Ukrainian context, namely the non-functioning judiciary and a banking system that is “more sluggish than in Europe,” crypto companies will not choose Ukraine as a jurisdiction.
According to the founder and CEO of Peanut Trade, Oleksandr Momot, instead of trying to leverage the situation created by Europe with the introduction of sufficiently strict MiCA regulations, Ukrainian legislators “tried to take the worst from there and complicate it with additional factors.”
“In conclusion, it can be said that even those minor bonuses that Ukraine is supposed to receive from the regulation of cryptocurrency status will ultimately push significantly larger volumes into the shadows with no real benefits from this,” he stated.
The CEO of Trustee Plus, Vadym Hrusha, also states that the bill in its current form will contribute to even greater shadowing of the market, rather than the opposite. On the one hand, this document is very complex, and on the other, it does not resolve the tasks set, he emphasized.
A similar opinion was expressed by the founder and president of WhiteBIT Group, Volodymyr Nosov:
“It must be said frankly: the bill is complex — both in content and in potential law enforcement. It is unlikely to be understood by the general audience. Without mass adoption of virtual assets, blockchain solutions, and crypto technologies in everyday life, the industry will not be able to unlock its full potential.”
In addition, WhiteBIT Group pointed out a number of issues that, in the company's opinion, require further refinement. Among them, for example, the inclusion of a provision prohibiting market access for players who served citizens of the aggressor country during the war.
Vadym Hrusha noted that the document is poorly structured and has huge gaps in terms and definitions that correspond to the nature of virtual assets:
“Essentially, this makes it completely unviable for its intended purposes and tasks.”
At the same time, WhiteBIT sees positive shifts in tax regulation — unacceptable initiatives have been removed from the document, including the institution of tax agents for crypto operators. The introduction of a transitional preferential tax regime is also a positive note, noted Nosov.
It should be noted that the bill outlines the specifics of taxation on crypto asset transactions. In particular, for individuals, it refers to a 18% personal income tax rate and a 5% military tax, as well as the introduction of a preferential 5% rate during 2026 in the event of asset sales.
Vadym Hrusha also pointed out the “significant progress” in clarifying the section on tax calculation. However, the norm requiring documented confirmation of expenses for acquiring virtual assets remains.
Self-declaration of individual incomes without effective control risks becoming a formality, added Bohdan Opryshko.
“The bill has the potential to give a powerful impetus to the industry, but for this, not only professional implementation is needed, but also the readiness of state institutions to change their approach — from coercive pressure to constructive dialogue with business. At the same time, such innovations may lead to increased financial monitoring, which may become another barrier to market development,” he noted.
