Cryptocurrencies in Ukraine

2025

Binance exchange stopped the withdrawal of funds to the card for users from Ukraine

Main article: Binance

Starting December 29, 2025, temporarily unavailable:

Card Withdrawal: You will no longer be able to withdraw funds directly to cards VISA/. MasterCard This function is stopped separately.

Recurring Buy: Automatic orders for regular purchases of cryptocurrency will not be executed.

Purchase Limit Orders: Established limit bids for fiat assets have also been cancelled.

Available: Deposits and purchases: via VISA/MasterCard (inbound transactions only).

Apple Pay and Google Pay: Working to top up the bill.

SWIFT transfers: Available for both top-up and withdrawals.

Zen.com - full work is expected from January 6, 2026 SWIFT or P2P remain for urgent withdrawals.

One of the richest cryptocurrency millionaires in Ukraine committed suicide

On October 20, 2025, the Kyiv police named the cause of death of one of the richest Ukrainian cryptocurrency millionaires Konstantin Ganich. As reported in the Telegram channel of law enforcement agencies, the entrepreneur committed suicide. Read more here.

Adoption of a law on the introduction of taxes on profits from cryptocurrencies. First year - 5%, then - 18%

The Verkhovna Rada voted to adopt in the first reading a law on the regulation of cryptocurrency, which will tax it. Information in September 2025 follows from the broadcast of the parliament meeting. 246 deputies spoke in favor of the adoption of the law with 226 minimum necessary. After the second reading, the law may enter into force on January 1, 2026. According to the law, taxes on cryptocurrency profits will be 18%, while in the first year after the adoption of the law there will be a preferential rate - 5%.^[1]

2024: EBRD: Ukrainians bought bitcoins for $882 million in a year

Ukraine acquired bitcoin for $882 million between July 2023 and July 2024. This is stated in the report of the European Bank for Reconstruction and Development (EBRD) in September 2025. According to the data, Ukraine received $106 billion in the form of an inflow of cryptocurrency and spent $882 million in hryvnia to buy bitcoin. The growth in activity in the field of cryptocurrencies was mainly due to institutional transfers (in the range from $1 million to $10 million) and professional transfers (in the range from $10 thousand to $1 million).^[2]

2022: Law "On Virtual Assets" signed

On March 16, 2022, President of Ukraine Volodymyr Zelenskyy signed the law "On Virtual Assets."

• Foreign and Ukrainian crypto exchanges will work legally.
• Banks will open accounts for crypto companies.
• Ukrainians will be able to protect their savings in virtual assets.
• The state guarantees judicial protection of the rights to virtual assets.
• The regulation will be distributed between the NBU and the National Securities and Stock Market Commission.

The law will come into force after the adoption of changes to the Tax Code.

2021

Rating of suppliers of mining equipment in Ukraine

In 2021, the Zaporizhzhya Ferroalloy Plant, owned by oligarch Igor Kolomoisky, imported Ukraine cryptocurrencies $18.3 million worth of production equipment. This is the highest figure among all importing companies of such equipment for To Ukraine 5 years. This was reported in January 2022 by the NV.Biznes edition with reference to the data of the Molfar business intelligence agency. More. here

The New York Times: Why Ukraine can become the cryptocurrency capital of the world

In mid-November 2021, Ukraine is actively betting on cryptocurrencies and this could turn the affected country's economy into a global hotbed of digital financial assets. About this writes the newspaper The New York Times.

The Ministry of Digital Transformation of Ukraine previously announced the country's plans to make itself a leading direction for the cryptocurrency world. In addition to the adoption of a new law on virtual assets, Ukraine plans to actively attract cryptocurrency business through highly competitive tax rates. Companies will pay 5% of profits and will not be subject to value added tax, and individuals will pay 5% with a grace period until the end of 2025.

In early September 2021, parliament passed a law on the legalization and regulation of bitcoin, which was the first step in an ambitious campaign aimed at making cryptocurrency trading flourishing in the country the main one and rebranding the entire country. Data mining centers are designed to strengthen the decision of companies to open their own business in Ukraine, since cryptocurrency collection is an energy-intensive business, and cryptocurrency mining consumes an astronomical amount of energy. This is because digital currency is mined, created and traded through massive and highly complex digital volumes known as blockchain. An almost unlimited number of powerful computers can connect to these blockchains.

The New York Times: Why Ukraine can become the cryptocurrency capital of the world

We have a large personnel reserve in Ukraine and a strong community of blockchain developers. They picked up the cryptocurrency trend faster than people in many other countries, and most importantly, they understood how to build a business based on it. There are not many countries that are friendly to cryptocurrencies, so private companies do not have so much choice, "said Deputy Minister of Digital Transformation Alexei Bornyakov.

Many of the cryptocurrency companies already operating in Ukraine are legal. There are companies involved in blockchain development, which create very complex systems, such as transaction logs, on which cryptocurrencies move. There are various fintech companies and support firms. Unfortunately, as noted by The New York Times, as of November 2021, many economists and politicians are still deeply suspicious of cryptocurrencies, calling them the currency chosen by money launderers, terrorists, mafiosi and ransomware. If investors are going to pour money into these cryptocurrency companies, then the business should be interested in moving. And from mid-2021, investors are pouring money at a great speed, financing all technologies related to blockchain, cryptocurrencies, infrastructure - soared to $7 billion (CB Insights data).

The main problem of the country is that many technological entrepreneurs in Ukraine say that they like the system as it is, and especially they like its shortcomings. This leads to the paradox underlying Ukraine's attempt to rebuild. The country is piercing sunlight and legitimacy for a group of executives who often prefer darkness and quasi-auditor status. Ukraine has already attracted some Americans and Britons to the crypto industry and they did not come because they are adherents of the rule of law.

Ukrainians are among the most avid cryptocurrency users in the world, ranking fourth in the Global Crypto Adoption Index compiled by Chainalysis. Every year, Ukrainians receive and send cryptocurrency for $8 billion, and the volume of transactions with it in one day is about $150 million, exceeding the volume of interbank exchanges in fiat currency. The point lies not so much in cryptolihoradka as in the absence of the best options for citizens of the country and foreigners, because banks in Ukraine are so sclerotic that sending or receiving even small amounts of money $50, $300 from another country requires grueling paperwork. There is no stock market in Ukraine, and foreign funds are practically inaccessible. For those who want their savings to grow, real estate and cryptocurrencies remain. Although cryptocurrency assets are characterized by strong volatility, the asset is more liquid than, say, an apartment, and has no friction compared to the fiat system, the publication says.

Ukraine has experienced too many financial scandals to expect a large influx of executives from large international investment banks with or without concessions, but here a cryptocurrency has appeared that has its own reputation problems. Perhaps it will be an ideal couple..., "said Mikhail[3], founder of Kuna[4]

President of Ukraine vetoed the law on the legalization of cryptocurrencies

In early October 2021, President of Ukraine Volodymyr Zelenskyy vetoed the law on the legalization of cryptocurrencies. The head of state returned the document to the Verkhovna Rada with his proposals.

It is noted that Zelensky was against the creation of a separate regulator in the virtual asset market. In his opinion, world experience shows that the regulation of the circulation of cryptocurrencies is carried out by the regulators of financial markets in order to prevent the emergence of financial pyramids with virtual assets. The President proposed to attribute the functions of regulating the circulation of virtual assets to the competence of the National Commission on Securities and the Stock Market of Ukraine.

President of Ukraine Volodymyr Zelenskyy vetoed the law on the legalization of cryptocurrencies

The bill adopted in the second reading proposes to create a new central executive body - the National Service for Regulating the Circulation of Virtual Assets, which, according to the Ukrainian leader, will cost the budget dearly.

This document defines the basis for state regulation of the circulation of virtual assets. Thus, according to the law, the regulation of the virtual asset market is carried out by various state bodies depending on the type of such assets, including by creating a new central executive authority. The creation of a new body, as provided for by this law, will require significant expenditures from the state budget, the press service of the President of Ukraine reports.

The bill on the legalization of cryptocurrencies in Ukraine was supported by the majority of deputies. According to the document, market participants will have to pay taxes on cryptocurrency revenues, as well as receive legal protection in courts in case of violation of rights. Its goal is to comprehensively regulate relations that arise when handling and concluding transactions with digital currency, as well as to ensure a unified approach to organizing cryptocurrency trading, the Rada noted.^[5]

Ukraine ranked first in the percentage of the population owning cryptocurrency

Ukraine ranked first in terms of the percentage of the population owning cryptocurrency - 12.7% (about 5.6 million Ukrainians noticed cryptocurrency). Such data at the end of 2020 were provided by analysts of the Triple A payment platform in early October 2021. Read more here.

Ukraine adopted a law on the legalization of cryptocurrency

On September 8, 2021, the Verkhovna Rada of Ukraine adopted a law legalizing the cryptocurrency market in the country. The initiative was supported by 276 deputies, six parliamentarians spoke out against, 71 people abstained.

After entry into force, the law will apply to legal relations arising in connection with the circulation of virtual assets in Ukraine. It will determine the rights and obligations of participants in the virtual asset market, the principles of state policy in the field of virtual asset turnover.

Ukraine adopted a law on the legalization of cryptocurrency assets

The document provides for the solution of the following problems related to the functioning of cryptocurrency:

• Streamlining regulations for the virtual asset market, participants;
• determining the legal status of virtual assets as objects of civil rights;
• streamlining civil relations between individuals and legal entities arising in the process of using virtual assets;
• determining the legal status of market participants and users in the field of virtual assets;
• establishment of basic principles and principles of state policy in the field of virtual assets;
• state regulation and control in the virtual asset market.

The authors of the bill believe that its implementation will help ensure the openness and transparency of the terms of agreements concluded in the virtual asset market and prevent abuse in this market. In addition, the law will contribute to the development of the infrastructure of the virtual asset market, ensuring its openness and efficiency.

According to the Minister of Digital Policy Mikhail Fedorov, the virtual asset market is an additional point for the growth of the digital economy in Ukraine.

The legalization of virtual assets creates the prerequisites for the launch of this innovative market in Ukraine. Transparent rules of the game will drive investment and innovation. The legal virtual asset market will strengthen our country's image as a high-tech state, he wrote on his Facebook page.[6]

The Ministry of Digital Development of Ukraine has created a roadmap for the development of digital assets

In mid-May 2021, the Ministry of Digital Transformation of Ukraine announced the creation of a roadmap for the development of digital assets in the country. The document was the result of joint work of the ministry with other departments, as well as representatives of the crypto business.

On May 13, 2021, the final session of foresight research of the virtual asset industry in Ukraine took place, within the framework of which the participants of the event formed a vision for the development of virtual asset ecosystems, a roadmap for the development of a new industry in the country and a strategy for joint actions to optimize the trajectory of development of this industry.

Ministry of Digital Development of Ukraine has developed a roadmap for the development of digital assets

An important result of the final session was the development of a roadmap and the crystallization of specified goals for each individual forsyte participant, says strategic planning expert Valery Pekar. According to him, the community component is a significant aspect of the development of the virtual asset ecosystem. It is from the efforts of the community that the success of the new industry in Ukraine will depend, he added.

Forsyth brought together a wide range of specialized experts, including blockchain and crypto entrepreneurs, people's deputies, representatives of executive authorities, in particular regulators, the Ministry of Digital Transformation of Ukraine, the National Bank of Ukraine and the National Commission on Securities and Stock Markets.

According to Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development, a developed ecosystem of virtual assets will benefit business, the state and expand the financial capabilities of citizens.

Providing access to many different modern services and new financial instruments can qualitatively improve the general standard of living of citizens. Especially considering that other financial instruments, for example, stocks, are little developed in our country, "Bornyakov said.[7]

2020

Ministry of Digital Development: Ukraine leads in the use of cryptocurrencies and is in the top 3 in the community of blockchain developers

In early September 2020, the Ministry of Digital Transformation of Ukraine announced the country's leadership in the use of cryptocurrencies, as well as its entry into the top three states by the size of the blockchain developer community. In its statement, the department referred to data from The Chainalysis, an analytical company specializing in blockchain research.

The Chainalysis analysts used the following criteria to calculate the index of the application of crypto assets by the population:

• the cost of transferred crypto assets per capita;
• remnants of crypto assets at addresses (wallets) by Internet users (Ukraine);
• R2R volume of transactions calculated by purchasing power parity;
• the volume of retail transactions (up to $10,000) calculated at purchasing power parity.

Ukraine leads in the use of cryptocurrencies

According to the Ministry of Digital Development, a large-scale community of blockchain developers is based in Ukraine, and the volume of non-cash payments is included in the top 5 of the world ranking.

Due to the lack of a stock market, limited access to the global capital market and international transfers, as well as a high threshold for entering the real estate market, virtual assets are gaining popularity among the population of Ukraine, the ministry writes, adding that representatives of the country's small business are actively using cryptocurrency for settlements on international marketplaces.

At the same time, the Ministry of Digital Science stated that most of the virtual asset market by the beginning of September 2020 is concentrated in the gray zone, "which creates potential risks both for the state and for business and users." By adopting the bill "On virtual assets" developed by the department, the ministry expects, legislators will help bring operations with cryptocurrencies into the legal field.^[8]

Ukraine begins to track cryptocurrency operations with the help of a blockchain company

On July 23, 2020, the Ministry of Digital Transformation of Ukraine announced the conclusion of an agreement with Crystal Blockchain BV, which the department calls one of the world's leading manufacturers of software for monitoring operations with virtual assets. A memorandum was signed aimed at the rapid formation and legalization of cryptocurrency operations in the country. Read more here.

Ministry of Energy of Ukraine directs excess electricity to extract cryptocurrencies

In early May 2020, the Ukrainian Ministry of Energy and Environmental Protection announced the need to use surplus electricity for the extraction of cryptocurrencies. The agency gave the corresponding instruction regarding the practical application of such an opportunity to the state enterprise Energoatom , the operator of all operating nuclear power plants in the country.

We can really transform the "liability" into an "asset." Having a surplus of nuclear generation, one of the modern tools for using excess electricity is directing it to cryptocurrency mining. This not only allows you to maintain guaranteed loads at nuclear power plants, but also allows enterprises to attract additional funds. That is, it opens the way to a fundamentally new economy, new approaches, a new market system, the Ministry of Energy said  in a statement.[9]

In early May 2020, the Ukrainian Ministry of Energy and Environmental Protection announced the need to use surplus electricity for the extraction of cryptocurrencies

Energoatom will have to fulfill the ministry's order by May 8, 2020. The document was signed by Acting Minister of power and Environmental Protection Olga Buslavets.

To work out regulatory and technical issues regarding the possibility of implementing cryptocurrency mining projects in order to provide additional markets for electricity produced by nuclear power plants, the order says.

Energoatom has already developed a pilot project to connect consumers of the data center with a capacity of up to 1000 MW to electric networks, with the allocation of the first stage of 30 MW, in the satellite city of Zaporizhzhya NPP Energodar.

The initiative of the Ministry of Energy was criticized by the deputy from "The servant of the people" Geo Leros. According to him, Olga Buslavets wants to "put cheap nuclear power at least under the tail so as not to infringe on the interests of her sponsors and directly offers Energoatom to mine cryptocurrency, and sell expensive energy to industry!"

Ukraine has established the procedure for declaring cryptocurrencies

In early March 2020, the procedure for declaring cryptocurrencies was established in Ukraine. Under rules published by the National Agency for the Prevention of Corruption (NAPC), taxpayers must list digital assets as intangible property similar to intellectual property or natural resource extraction licenses.

The document must include the name of the asset, the date of the last cryptocurrency transaction. Since cryptocurrency is an intangible asset, the owner must report it to the appropriate authorities, indicating the number and total value of a certain type of tokens belonging to the declaring entity or his family member on the last day of the reporting period, the guide says.

In early March 2020, the procedure for declaring cryptocurrencies was established in Ukraine

It also states that the value of digital currencies should be indicated in terms of their value in hryvnia at the rate of the National Bank of Ukraine.

NAPK borrowed the definition of cryptocurrencies from the international Financial Measures to Combat Development Group money laundering (FATF). FATF calls cryptocurrencies virtual currencies with the ability to store, invest, trade and transfer in digital format, while such assets do not have the status of a legalized means of payment in any jurisdiction.

Although these explanations about the declaration of cryptocurrencies were given only in early March 2020, digital assets have appeared in the declarations of Ukrainian officials since 2016. Then, for example, People's Deputy Dmitry Golubov declared 4376 bitcoins, valuing them at the time of drawing up the document at 125 million hryvnia (about $5 million).

In accordance with the procedure for declaring cryptocurrencies, which was established in early March 2020, the taxpayer is obliged to name this asset (bitcoin, ether, etc.), the date of purchase and the amount of currency on the last day of the tax period.^[10]

Tracking suspicious cryptocurrency transactions from $1,200

At the end of January 2020, the Ukrainian Financial Service announced that it was starting to track cryptocurrency transactions worth more than $1,200. The new measures are designed to strengthen the fight against money laundering in Ukraine in accordance with the latest recommendations of the Financial Action Task Force on cryptocurrency transactions. For the first time in Ukraine, anti-money laundering law includes cryptocurrency as an asset to be monitored. The threshold for starting the verification process is 30,000 hryvnia or $1,200.

If the transaction appears to be a suspicious payment service provider, the firm is obliged to inform the financial observer, the State Financial Monitoring Service. This organization can block suspicious transactions and even confiscate cryptocurrency if an illegal transaction is suspected. The civil service has access to analytical software that allows you to investigate the origin of crypto assets and their use.

Ukrainian financial service announced that it intends to track cryptocurrency transactions worth more than $1,200

Cryptocurrency as an asset class has not yet been defined by Ukrainian law. It is expected that a working group with the participation of several national agencies will develop a new regulation for crypto assets in Ukraine by April 2020. A bill proposing a 5% tax on cryptocurrency income has already been tabled.

There are no official statistics on the volume of cryptocurrencies circulating in Ukraine, but the government believes that this volume is "quite high," although most of the money laundering in the country is still carried out through cash.

I think that our criminals and corrupt officials are quite conservative and still keep funds mainly in the form of cash, "said Oksana Makarova, head of the country's Ministry of Finance. - Therefore, in the legalization of cryptocurrencies, I see an opportunity for the development of this industry in our country, and not a threat[11].

Ukraine

• Economy of Ukraine
• IT market of Ukraine
• Information security in Ukraine
• Cybercrime and cyber conflicts: Ukraine
• IT Public Procurement (Ukraine)
• Cellular communication (Ukrainian market)
• Cell phones (Ukrainian market)
• Internet (Ukrainian market)
• Electronic payment systems in Ukraine
• IPTV (Ukrainian market)

Notes