Ukraine to Officially Legalize Cryptocurrency by Summer 2025

Ukrainian Chairman of the Committee on Finance, Tax, and Customs Policy, Dmytro Hetmantsev, has announced that cryptocurrency will be officially legalized in Ukraine by the summer of 2025. He made the statement during the event "New Economy: Cryptocurrencies, CBD, and OnlyFans," as reported by the Ukrainian news outlet, The Judicial and Legal Newspaper.

According to Hetmantsev, the primary provisions of the bill are already in place, with ongoing discussions focusing on financial monitoring and taxation of cryptocurrency transactions.

He emphasized that a preferential tax regime for cryptocurrency will not be introduced, as international experts argue that such an approach could create an imbalance in tax obligations between digital assets and traditional industries. Instead, cryptocurrency will be taxed in line with other investment assets.

A key issue under consideration is a transition period for individuals who have already invested in cryptocurrency but are unable to verify the cost of acquisition.

Under the proposed legislation, once the law takes effect, such individuals would be required to pay tax on the full value of their cryptocurrency holdings rather than just the profit.

Regarding regulatory oversight, Hetmantsev noted that the National Securities and Stock Market Commission would typically be expected to assume responsibility.

The draft law is set to be reviewed in the first reading during the first quarter of 2025. Hetmantsev assured that he will make every effort to ensure its passage by the summer.

"I can promise you for sure that we will do everything possible to ensure that this law is passed at least by the summer of this year," he stated.

On December 26, it was reported that Russian companies are using Bitcoin and other digital currencies for cross-border trade following legislative changes aimed at bypassing Western sanctions. In mid-2024, the State Duma legalized cryptocurrency and mining, solidifying Russia’s position as a global Bitcoin mining leader.