When the state still does not fully understand what crypto is, and you are already afraid that your Ledger under the blanket is evidence of a crime.



1. The state is like: “We recognize crypto, but we treat it like an unwanted relative”


The law “On virtual assets” (yes, it still doesn’t work completely) states: crypto is an intangible asset. That is, something exists, but it cannot be touched. The Civil Code (Article 177) adds fuel to the fire: is there value? Then it’s an asset. And there is some right to it as well.


But there is a nuance: there is still no full-fledged mechanism

🔹 how to document it

🔹 who should do it

🔹 and what will be the penalty if not



2. So should everyone keep records? Or just the paranoid and MPs?


Look, if you:


💰 Bought crypto for 200 UAH in 2022 and still holding it

🔁 From time to time you exchange it between exchanges

✋ You do not withdraw 500k to your card every month


...no one expects you to provide an Excel sheet with 58 tabs and charts from CoinMarketCap.


But if:


⚡ You have regular P2P transactions

🏦 You deposit/withdraw large amounts

❓ Monobank might screenshot you and ask: “What is this USDT you have?” —


Then it’s better to have something like records. At least screenshots, at least some statements.



3. What if you don’t document anything at all? What will happen?


Honestly — so far nothing, if:


🧍‍♂️ You are not a public figure

🕶 You don’t flaunt large sums

📭 And you do not declare income received in crypto


Because the state has not yet created tools to systematically check the cryptocurrency assets of individuals.


But there are risks:


⛔ The bank will block the account after a large deposit

⚖️ The tax authority will raise questions when you decide to sell your apartment and show income from “crypto 2021”

🪪 In the case of inheritance, divorce, buying a car — you will have to explain, “where did the money come from?”



4. Documentation is not an obligation, but a safety net


So instead of fanatically writing all txid on toilet paper, you can:


📋 Just keep a basic list of transactions in notes/Excel, if you have any volume

🖼 Keep screenshots of purchases/sales, especially from P2P

📤 Keep exchange statements at least once a year

✍️ If “everything is through cash” — then at least have your explanation like “I bought ETH from a friend for cash because it was cheaper, here’s a note”



5. Conclusion: if you are not holy — do not keep chronicles. But prepare an alibi for yourself.


The reality is:


📜 Law No. 10225 wants records — but does not yet mandate them

🔍 The tax authority still does not have the tools to “snoop” on your wallet

⏳ But all this is just a matter of time


So keeping records is not a must-have, but a life hack for peace of mind. Like a condom in your wallet: better safe than sorry.

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