Who will be in charge of the cryptocurrency market in Ukraine?
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The National Bank of Ukraine is expected to be proposed as the regulator of the cryptocurrency market by a working group tasked with drafting legislation on crypto assets. Previously, the Ministry of Digital Transformation and the National Securities and Stock Market Commission (NSSMC) were the primary candidates discussed for overseeing future cryptocurrency regulation in Ukraine.
This was revealed by Danylo Hetmantsev, head of the Verkhovna Rada Committee on Finance, Tax, and Customs Policy, in an interview with Minfin.
Why the National Bank of Ukraine will be elected as a crypto market regulator?
"Most experts agree that the National Securities and Stock Market Commission is not the optimal choice as a regulator, given its low institutional capacity. The working group will propose the National Bank of Ukraine (NBU) as the regulator to the committee. This is also reflected in the memorandum with the IMF," Hetmantsev said.
In a comment to Incrypted, MP Yaroslav Zhelezniak confirmed that the most likely option under consideration is the NBU.
"I fully agree with my colleague that the NSSMC lacks both the capacity and the prospects (under its current leadership) to develop such capacity. Our partners already understand this. Therefore, the new IMF memorandum will state that the Financial Stability Council should review this issue and provide its vision on who should be the regulator," Zhelezniak stated.
Additionally, Hetmantsev confirmed that cryptocurrencies will be taxed using a model similar to the taxation of securities. He emphasized that taxation will apply to profit rather than income.
"In other words, if Bitcoin's value increases significantly, it doesn't mean you'll immediately face higher taxes. The concept under discussion is that, for example, you buy crypto with money and sell it for money. If the difference is positive, it is taxed; if it's a loss, then, of course, it's not," he explained.
Hetmantsev clarified that the appreciation of cryptocurrency during ownership will not be subject to taxation.
The final version of the bill, which is expected to regulate Ukraine's cryptocurrency market and define the tax obligations related to crypto transactions, has yet to be presented.
As a reminder, governments around the world hold significant positions in the crypto market, with significant reserves. For example, Ukraine is one of the leading bitcoin holders, with 186 bitcoins in its reserve.
We also wrote that in 2024, most Ukrainian entrepreneurs chose cryptocurrency as their main investment vehicle. However, in 2025, shares of international companies will remain the leader among investment areas.
