Major revisions expected
Ukraine is preparing new regulatory rules for the crypto market. According to Danylo Hetmantsev, head of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, the National Bank of Ukraine (NBU) and the State Tax Service have submitted hundreds of pages of amendments to draft law No. 10225-d on virtual assets.
“We received 300 pages of amendments from the National Bank, and 50 pages of proposals from the Tax Service. This actually suggests that we will need to rewrite the bill almost completely before the second reading,” Hetmantsev said.
The preparation of the text for the second reading may take 2–3 months.
Taxation of crypto: no preferences
The MP emphasized that the goal of the bill is not only to legalize the market and protect asset owners, but also to ensure taxation of profits.
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Current draft: a transitional 5% personal income tax (+5% military levy).
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Hetmantsev’s stance: crypto should not be taxed preferentially.
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General rule: today, cryptocurrency income is subject to 23% taxation.
According to Hetmantsev, Ukraine loses ₴15–16 billion annually due to the unregulated crypto market. Over three years, this amounts to about ₴50 billion.
Why regulation matters
The lack of proper rules has already led to massive losses. A report by the Royal United Services Institute (RUSI) estimated that Ukraine lost at least $10 billion due to gaps in regulation.
The bill aims to:
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bring the market out of the shadows,
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establish clear taxation,
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set legal protections for owners of digital assets.
Role of the National Bank
Hetmantsev confirmed that cryptocurrency will not become a means of payment in Ukraine, though certain exceptions for specific transactions may be defined.
He also said the NBU should act as the main regulator of the crypto segment:
“The National Securities and Stock Market Commission has not coped with this task.”
Bottom line
The crypto law is moving forward, but only after extensive amendments. Ukraine seeks to balance market legalization, investor protection, and fiscal discipline, ensuring that cryptocurrencies contribute to the budget rather than bypass it.
