Ukraine moves closer to crypto legalization with draft law adoption
On September 3, 2025, the Verkhovna Rada adopted in the first reading draft law No. 10225-d, a key step toward legalizing Ukraine’s virtual assets market.
The bill, supported by 246 deputies, defines cryptocurrencies as digital objects created through blockchain technology, which are not considered money but will be treated as movable property under civil law. The initiative, developed by the Committee on Finance, Tax and Customs Policy, aims to align Ukraine’s framework with international standards while ensuring greater market transparency and investor protection. Lawmakers emphasize that this is only the first stage, with refinements expected before the second reading.
Taxation rules set preferential rates for the first year
The draft law introduces a phased approach to crypto taxation. In the first year after implementation, a preferential 10% tax will apply to income from converting crypto assets into fiat currency. Afterward, the standard tax burden will rise to 18% personal income tax plus a 5% military levy, totaling up to 23%. Importantly, the bill allows for the offsetting of past losses until fully covered, with tax calculated only on annual net profit. This framework is designed to provide both incentives for early compliance and long-term fiscal stability, while addressing concerns over speculative trading and unreported gains.
Unresolved questions about regulatory oversight
While the legislation lays the groundwork for legalization and taxation, one critical issue remains unsettled: which authority will regulate the crypto market. Options under discussion include the National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC), or another specialized body. This decision will be pivotal in shaping how oversight, licensing, and enforcement are carried out. Lawmakers see the bill as part of a broader legislative roadmap to support innovation, attract investment, and create favorable conditions for crypto-related businesses to operate officially in Ukraine. The second reading is expected to finalize the institutional details before full adoption.
Recently we wrote that Japan Post Bank, managing over $1.3 trillion in deposits, plans to roll out its own digital currency, DCJPY, in fiscal year 2026, according to Nikkei Asia.
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