As a pioneer in Ukraine's cryptocurrency sector, Mykhailo Chobanyan made history in 2015 by launching $KUNA, the country’s first crypto exchange. By 2020, the platform had achieved an annual trading volume of $220 million, cementing its role as a key player in the market.
In a revealing conversation with Serhiy Sevidov and ITC.ua editor-in-chief Timur Vorona, Chobanyan shared insights on the future of Ukraine’s crypto landscape, the impact of war on his business, and KUNA’s evolving strategy as the exchange navigates post-war economic realities.
The War’s Impact on KUNA & Market Shifts
The onset of full-scale conflict drastically altered Ukraine’s cryptocurrency trading environment. The decision to halt ruble transactions led to an immediate 60% decline in volume, while the National Bank’s intervention in the hryvnia market caused a further threefold reduction. Today, KUNA operates at just 10% of its pre-war trading volume, with most activity confined to P2P crypto withdrawals and direct crypto-to-crypto transactions.
Despite these challenges, KUNA remains committed to supporting retail clients and maintaining its B2C services. However, given the current economic climate, the exchange does not foresee an immediate revival of hryvnia-based trading. Instead, it is pivoting toward offering euro transactions, targeting international businesses and investors seeking euro-based trading solutions.
Regulatory Challenges & The Future of Crypto in Ukraine
The regulatory landscape has also played a significant role in reshaping Ukraine’s crypto market. Over the years, cryptocurrency has been used for various financial activities, including gambling and high-risk transactions. Reports suggest that, in some cases, digital assets were even linked to budgetary fund mismanagement during wartime.
The U.S. has since intensified efforts to combat illicit financial flows, leading to crackdowns on crypto-related money laundering channels. While such measures have significantly impacted the market, Chobanyan believes regulatory clarity will emerge post-war, paving the way for a more transparent and structured cryptocurrency ecosystem in Ukraine.
As KUNA adjusts to these new economic and regulatory conditions, the company remains focused on global expansion, compliance, and innovation, ensuring its continued relevance in the evolving crypto landscape.
🔹 #CryptoRegulation #UkraineCrypto #KUNA #BlockchainInnovation
