Ukraine to Debate Crypto Regulation Bill in Late August
Key Takeaways
Tax Amnesty for Holders—The bill would allow individuals to declare past crypto holdings by paying a 5% income tax and a 5% military levy.
EU-Aligned Rules – Regulations will follow EU MiCA and FATF standards, while keeping crypto from becoming legal tender.
Central Bank Reserve Option – The National Bank of Ukraine could add cryptocurrencies like Bitcoin to its state reserves.
Ukraine’s digital assets landscape is on the brink of transformation. With discussions underway since 2024, the country appears ready to take decisive steps toward formalising cryptocurrency regulation.
Overview
According to Danylo Hetmantsev, head of the parliamentary committee on finance, tax, and customs policy, one significant element of the bill would let individuals declare and legalise previously obtained digital assets.
Hetmantsev highlighted that it is slated for its first reading in the Verkhovna Rada by the end of August 2025.
Hetmantsev said,
“The preparation of a draft law on taxation of transactions with virtual assets is currently in the final stage.”
Legalisation and Tax Amnesty for Crypto Holders
A key focal point of the upcoming bill is its offer of legal recognition for previously unregistered crypto holdings. Under the proposed framework, holders could
“legalise”
their digital assets by paying a combined 10% tax: 5% as personal income tax and an additional 5% military levy.
This approach encourages compliance and transparency by giving asset owners a clear path to regularise their holdings without facing retroactive penalties. It’s a significant shift from past regulatory inertia: while crypto exchanges were legalised in 2022, taxation and broader oversight have lagged.
Aligning with European Standards While Preserving Monetary Control
Beyond taxation, the bill aims to align Ukraine’s regulatory framework with broader European and international norms. Specifically, it references the EU’s Markets in Crypto-Assets (MiCA) regulation and FATF (Financial Action Task Force) guidelines as benchmarks.
Significantly, the National Bank of Ukraine (NBU) has clarified that while crypto legalisation advances, cryptocurrencies will not be granted legal tender status—a deliberate red line to safeguard the hryvnia and financial stability. Governor Andriy Pyshnyy stressed that digital assets must not undermine monetary policy nor become a means to circumvent wartime controls under martial law.
State Reserves Could Embrace Crypto: A Strategic Move
The proposed bill includes another striking provision: it would empower the NBU to consider adding cryptocurrencies—such as Bitcoin (BTC)—to its reserves. Ukraine reportedly holds approximately 46,351 BTC, valued at around $5.4 billion, making it currently the fourth-largest government BTC holder globally.
Allowing the central bank to manage digital assets as official reserves would place Ukraine among a tiny group of countries pursuing such a strategy. This could bolster reserve diversification and signal institutional endorsement of crypto’s legitimacy.
Looking Ahead
The stakes are high as Ukraine prepares for the pivotal first parliamentary reading at the end of August 2025. Passing this bill could bring clarity and compliance to the crypto economy through legal recognition and taxation. It could also enhance alignment with EU and FATF standards, reinforcing credibility and international cooperation and opening the door to digital assets as part of the national reserve strategy.
In a region where crypto flows reached a staggering $499 billion between July 2023 and June 2024, Ukraine’s regulatory moves may reverberate far beyond its borders—potentially serving as a regional model for balanced, responsible crypto adoption.