Law on Virtual Assets Under Revision
The draft law No. 10225-d on virtual assets is being prepared for its second reading in the Verkhovna Rada. According to Danylo Hetmantsev, head of the parliamentary finance, tax, and customs policy committee, the initial text has already been substantially improved. However, he stressed that the market is entirely new and requires caution to avoid systemic mistakes.
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The committee expects further amendments.
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Narrow-profile experts will be involved before final adoption.
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If this convocation does not adopt the law, it will be passed on to the next parliament.
Taxation Principles
Hetmantsev underlined one key position: no tax benefits will be granted for cryptocurrency transactions.
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Taxation will follow the same model as securities transactions.
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Losses from crypto transactions will be carried forward to subsequent tax periods, allowing investors to reduce their future tax base.
“This is probably the only provision I am not ready to change. Everything else, if well justified, can be amended,” Hetmantsev noted.
Crypto Will Not Become Legal Tender
The law will not grant cryptocurrency the status of a payment instrument in Ukraine. Hetmantsev emphasized that:
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Using crypto for payments would be “the same, or even worse, than allowing the circulation of the euro or dollar” inside the country.
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This is regarded as a matter of national security and sovereignty.
Thus, cryptocurrency in Ukraine will be regulated as an investment and trading instrument, not as a substitute for the national currency.
Strategic Outlook
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The adoption of the law will legalize crypto transactions in Ukraine while keeping them outside the payments and settlements system.
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Ordinary taxation rules should create transparency and align Ukraine with global financial standards.
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Ukraine positions itself to develop the crypto market responsibly, balancing innovation with financial stability.
