Ukraine must finally bring order to the virtual assets market and establish a taxation framework by December 2026. This is the deadline set for Bill No. 10225-d. The new government has made this one of its key priorities for European integration, as it is a direct requirement of the EU under the Ukraine Facility program.
Let’s break it down step by step: why has this dragged on for so long, where is the government losing billions, and who will ultimately control Ukraine’s crypto industry.
Deadline: End of 2026—Why Bill No. 10225-d Is Stuck in Parliament
We saw the first attempt to legalize cryptocurrency back in 2022, when the framework law “On Virtual Assets” was adopted. But it remained nothing more than a piece of paper because parliament refused to make the necessary amendments to the Tax Code.
The second round began in the fall of 2025. At that time, the Verkhovna Rada supported Bill No. 10225-d in its first reading. The idea behind it was sound: to resolve everything in one fell swoop—to establish a legal framework, introduce licensing, and set up a tax payment mechanism. However, the bill has been stalled for nearly a year ahead of the second reading. The reason is behind-the-scenes disputes over who exactly should regulate the market. Now the government has no choice: the EU’s deadline is very strict.
The Tip of the Iceberg: The True Scale of the Cryptocurrency Market and Zero Taxes
Officially, we don’t know how much cryptocurrency Ukrainians currently hold or what its annual turnover is. But if we look at on-chain data, the figures are simply staggering:
Ukraine ranks 8th in the world on Chainalysis’ 2025 Crypto Adoption Index.
We rank 1st in the world in terms of the ratio of stablecoin transaction volumes to the country’s GDP, according to the World Crypto Rankings report by DL Research.
And yet, we collect exactly 0 hryvnias in taxes from transactions involving virtual assets. There is simply no transparent mechanism for tax collection in the law to this day.
Cryptocurrency has flourished in Ukraine thanks to the population’s high level of digital literacy, the weakness of traditional financial instruments during the war, and massive international flows—ranging from private defense procurement to donations. But due to the lack of rules, this market has turned into an uncontrolled gray ocean.
9.3 billion UAH from 11 cases: tax authorities see only the tip of the iceberg
Data from the State Tax Service for the first half of 2026 clearly illustrates the price we are paying for this regulatory vacuum:
The State Tax Service issued only 11 analytical reports on suspicious crypto transactions, but the total amount of money laundered in these cases reached 9.3 billion hryvnia.
Hidden taxes and fees from related activities are estimated at 1.56 billion hryvnia.
The average amount per detected crypto case is about 850 million UAH. This is several times higher than in traditional shadow economy schemes involving fuel, tobacco, or alcohol.
So why were only 11 cases detected? Because the government lacks a dedicated regulator with the tools to monitor the blockchain. The Tax Service and the State Financial Monitoring Service can only see what happens to surface by chance through regular bank cards or customs. Everything that happens within the blockchain itself remains a complete mystery to them.
FATF Standards, MiCA Regulations, and Pressure from the West
For Ukraine, regulating cryptocurrencies is no longer just a matter of money; it is a matter of national security and compliance with sanctions.
The FATF, the international group for combating money laundering, clearly states that organized crime thrives in countries with weak oversight. To avoid ending up in the “red zone,” Ukraine must implement the Travel Rule (exchange of data on the sender and recipient) and strict KYC compliance.
In addition, we are under pressure from the European Union. The MiCA regulation has become the standard in the EU. Even major financial hubs like the United Kingdom are not launching mass-market crypto products until they have established a perfect control system. As Ukraine moves toward the EU, it must bring its regulations fully into line with these standards.
The Battle for Authority: NBU or NSSMC?
The main reason Bill No. 10225-d is stalled in the Verkhovna Rada is a dispute over who will be the primary supervisory authority.
The National Securities and Stock Market Commission (NSSMC) wants the NBU’s functions to be clearly defined, with all other new digital instruments falling under the Commission’s jurisdiction by default.
The National Bank and the relevant Verkhovna Rada subcommittee believe that such dual oversight in a risky market will lead to chaos, as was the case with banking supervision in the 2000s. A single institution cannot fulfill the conflicting requirements of two different regulatory bodies. Moreover, the European MiCA regulation requires a single, clear regulator. France has already attempted to divide oversight between two agencies but was ultimately forced to abandon this approach. It stands to reason that the NBU should serve as the regulator, with a clear division of responsibilities.
If Bill No. 10225-d is adopted by the end of 2026, the market will finally cease to be a lawless frontier. Providers will receive licenses, financial oversight will be established, and tax-evasion schemes for the shadow economy and government officials will become a thing of the past.