Ukrainian Government Aims to ‘Regulate Cryptocurrency’ by Summer of This Year – Senior Legislator

A prominent Ukrainian legislator has asserted that Kyiv is progressing towards the “legalization” of cryptocurrency by the summer of this year.

According to the Ukrainian-language news source Minfin, these remarks were made by Danylo Hetmantsev, the chair of the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy.

Hetmantsev stated that the initial draft of the crypto “legalization” bill is “already fully prepared.”

Legalize Crypto: Ukrainian Lawmaker Says ‘Main Aspects’ of Bill Are ‘Ready’

He further mentioned that lawmakers are still deliberating on several matters, including how regulators and law enforcement will implement “financial monitoring” methods for crypto transactions.

Ukrainian lawmaker Danylo Hetmantsev, head of the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy. (Source: 373eva [CC BY-SA 4.0])

Hetmantsev noted that the bill’s creators need to resolve taxation-related matters before the draft legislation is presented to the Rada.

No Disparity With TradFi?

The legislator emphasized that Kyiv will not provide any “bonuses or advantages” to businesses and individuals utilizing cryptocurrency.

Hetmantsev explained this position by stating that Kyiv has consulted “international experts on legalization issues.”

These experts, he indicated, believe that any “preferential regime” could “create an uneven tax burden on traditional sectors that engage with crypto.”

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Hetmantsev contended that Kyiv intends to ensure that crypto transactions are “taxed at a level comparable to other investment assets,” with a “standard” tax rate system.

In some countries, cryptocurrencies are taxed at a higher rate—or with a lower threshold—compared to investments in assets like stocks.

What Issues Remain Unresolved?

Reports indicate that lawmakers are still addressing several issues. One of these is a suggested “transition period” for individuals “who have already invested in cryptoassets but cannot provide proof of their purchases.”

Hetmantsev also addressed regulatory concerns, noting that the National Securities and Stock Market Commission “should oversee crypto regulation.”

However, he added that this agency currently lacks the “institutional capability” to regulate the industry.

Instead, he asserted that the central bank—the National Bank of Ukraine—may need to temporarily assume responsibility for the matter.

“We still believe that, at this stage, the National Bank should take control of regulatory issues.”

Danylo Hetmantsev, head of the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy.

The National Bank of Ukraine in Kyiv, Ukraine. (Source: Max/Maxxcell [CC BY 3.0])

First Reading Imminent?

Hetmantsev mentioned that the anticipated draft crypto legislation will be “ready for a first reading in the first quarter” of the year.

This may potentially be followed by a return to the committee stage as the bill’s authors continue to refine details. Hetmantsev elaborated:

“I can assure you that we will do everything possible. We want to ensure that this legislation passes [the Rada] by the summer of this year at the latest.”

At the end of 2024, Hetmantsev discussed the forthcoming introduction of a bill to “legalize crypto” in the “first and second quarters of 2025.”

Yuriy Boyko, the head of the National Securities and Stock Market Commission, stated that this was a “very likely scenario.”

Kyiv has previously indicated that it has collaborated on the bill with representatives from the International Monetary Fund.

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