Ukrainian Crypto Regulation: Banks Will Decide Everything

Ukrainian crypto regulation is entering the final stretch: draft law No. 10225-d is already being prepared for its second reading, and banks could become decisive for how it works. The market is waiting for rules for businesses, banks, and users. Who will win first?

The draft law was registered on April 24, 2025. In the first reading, it was supported by 246 MPs. On the Verkhovna Rada card, its status now reads: “Being prepared for the second reading.”

There are also reservations. On August 19, 2025, the anti-corruption policy committee pointed out that certain provisions of the document do not meet anti-corruption requirements. So the debate continues.

This was discussed during a major Incrypted stream. It featured the head of the NCFSC Oleksii Semeniuk, MP Yaroslav Zhelezniak, Ministry of Digital Transformation lawyer Dmytro Nikolaievskyi, and business representatives. The main conclusion was blunt: without banks, legalization will be incomplete.

Why did banks become the main topic?

Banks are not an “add-on” here. They determine how businesses will bring in money, open accounts, and work with the hryvnia. That is why this issue was brought to the center of the discussion.

Dmytro Nikolaievskyi said that a Ukrainian license will not deliver the same effect as MiCA in the EU. There, a company with authorization can operate immediately in 27 countries. In Ukraine, he believes, the advantage will be in taxes and easier interaction with the tax authorities for clients with a large base in Ukraine.

This matters for everyone working with crypto in Ukraine. Law No. 2074-IX has had the status “Not in force” since February 17, 2022. The reason is old but critical: its launch is tied to changes in the Tax Code. That is why the banking channel is becoming so important right now.

For those who already want to quickly sell USDT TRC20 to Monobank, access to bank payments sounds especially practical.

What gives Ukraine a chance, and what does not?

Oleksii Semeniuk from the NCFSC emphasized the large domestic market. And these are not empty words. According to Chainalysis and the IMF, Ukraine ranked 8th in the world in 2025 by adoption index, and the volume of received crypto transactions in the period from July 2024 to June 2025 reached $206.3 billion.

But not everyone on the panel was optimistic. Yaroslav Zhelezniak said that Ukraine will not become a low-tax jurisdiction with a maximally free regime. The reason is simple: the country has international obligations and cooperates with the IMF. At the same time, he believes Ukraine can compete as a jurisdiction close to the European one, without some of the restrictions already in force in the EU.

“It is already clear that tax reporting will be difficult,” said Dmytro Nikolaievskyi. “Providers registered in Ukraine will be able to gain a competitive advantage by preparing tax reports for their clients.”

Maxym Demianiuk, founder and CEO of UAHg, takes a tougher view. He believes Ukraine is already late in the competition between jurisdictions. His logic is simple: even a free license will not offset weak institutions, the court system, and business protection issues. It sounds harsh, but for an investor such an assessment matters more than pretty slogans.

Market reaction

The market is still looking not at slogans, but at the structure of the law. In the model presented by the NCFSC on March 28, 2025, the regulator wants oversight over most tokens and VASPs, while the NBU is to control e-money tokens, their issuers, and the exchange of virtual assets for money.

This division matters. If banks become a bottleneck, companies may get a license on paper but still lack normal access to payments. That is why the word “half-baked” came up so often in the discussion.

Another signal for the market came from the international side. In IMF Country Report No. 26/058 dated February 26, 2026, Ukraine committed to clearly define the roles of regulators, licensing rules for VASPs, and restrictions to preserve currency control. This means there will be many compromises. And quick decisions too.

• No. 10225-d has already passed the first reading.

• 246 MPs voted for it.

• 1 MP voted against, and another 31 abstained.

• 43 MPs did not vote.

• In 2025, Ukraine had $206.3 billion in received crypto transactions.

• The country’s market ranked 8th in the world.

What does this mean for investors?

For businesses, the main takeaway is this: the Ukrainian jurisdiction may be especially interesting for those working with Ukrainian users. If a company earns on the local market, it needs accounts, taxes, and clear rules. Here, banking access matters no less than the license itself.

For private users, this is no small matter either. If the law starts working without proper integration with banks, legal services will be slow and expensive. If banks do connect, the market will get a clear path for exchange, reporting, and working with the hryvnia.

There is another nuance. The EU has already been operating under MiCA since December 30, 2024, and the rules for stablecoins there have been in force since June 30, 2024. So the Ukrainian market, even if it starts quickly, will still be catching up with a more mature model. But that is not a downside in itself. It is simply a delayed start.

Frequently asked questions

When could the law on virtual assets start working in Ukraine?

As of now, draft law No. 10225-d is being prepared for the second reading. There is no exact launch date, because the document is still going through parliamentary procedure and must take tax changes into account.

Why are banks called decisive for the crypto market?

Because banks provide access to accounts, hryvnia, and payments. Without this, legalization may remain formal, even if companies receive licenses.

Will a Ukrainian license give an advantage over the EU?

Not necessarily. In the EU, a MiCA license can open the way to 27 countries at once, while in Ukraine the advantage will likely be in tax operations and the local market.

Ukrainian crypto regulation is only entering its decisive phase, and banks will show whether it becomes a living market or remains a paper reform. Those who want to take advantage of this now can quickly sell Bitcoin to Monobank.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.