Ukraine

As of December 2025, the regulatory status of cryptocurrency in Ukraine is best classified as a 'Gray-Zone'. Although the country is widely recognized for high adoption rates and a pro-innovation government stance, the legal framework remains in a state of suspended animation. The 'Law on Virtual Assets', signed in early 2022, was designed to launch a fully regulated market. However, a specific clause within the law dictates that it cannot enter into force until the parliament adopts corresponding amendments to the Tax Code. These amendments have faced significant delays and revisions, leaving the market without a functional licensing regime or clear tax rules.

Operationally, retail trading faces significant friction due to martial law measures enforced by the National Bank of Ukraine (NBU). Since April 2022, the NBU has prohibited the purchase of 'quasi-cash' assets (including cryptocurrency) using the national currency (UAH) to prevent capital outflows. This effectively blocks direct fiat on-ramps via local bank cards. While users initially shifted to Peer-to-Peer (P2P) platforms, the NBU further tightened controls in late 2024 and 2025 by imposing monthly caps on P2P transfers (e.g., 150,000 UAH limits) and pressuring banks to sever ties with high-risk payment processors used by exchanges.

The legislative landscape is currently focused on Draft Law No. 10225-d, which aims to overhaul the stalled 2022 framework and align it with the European Union's MiCA regulation. This bill proposes an 18% tax on crypto investment income (plus a military levy) and establishes the National Securities and Stock Market Commission (NSSMC) as the primary supervisor. In September 2025, the parliament passed this bill in the first reading, signaling progress, but until it passes the second reading and is signed into law, the 'legal vacuum' persists.

Despite these restrictions, holding and trading cryptocurrency is not a criminal offense. Citizens are free to own digital assets, and the government actively uses crypto for fundraising (e.g., Aid For Ukraine). However, the lack of a live licensing regime means that no 'Allowed-Regulated' status exists, and the active banking prohibitions prevent an 'Allowed-UnRegulated' classification. Thus, the environment is one of tolerated ownership but restricted access and regulatory uncertainty.