The head of the National Bank of Ukraine, Andriy Pyshny, stated that his department is ready to legalize cryptocurrencies.
Pyshny supported the legalization of digital assets because it would bring the virtual currency industry out of the shadows and increase the assessment of Ukraine’s financial sector by Western countries. However, he believes that the circulation of coins and tokens should be strictly regulated to combat crime.
It is important that the red lines we have outlined are observed. Virtual currencies cannot be used as a means of payment, and they should not undermine the effectiveness of monetary policy instruments. We cannot allow the transfer of control over cash flows and weaken the power of the National Bank due to the legalization of digital assets, Andrey noted.
Andrey Pyshny
The Verkhovna Rada is planning to begin considering the regulatory act on the legalization of cryptocurrencies in August 2025. If it is adopted, Ukrainians will have to declare their digital assets and pay a tax of 10%. No liability will be introduced for refusing to do so, but in the future, evaders may face difficulties in confirming the source of their income. Obviously, we are talking about the sale of coins with the subsequent transfer of fiat currency, for example, to a bank account.
In Russia, the circulation of cryptocurrencies has been regulated since 2021, when the law «On digital financial assets and digital currency» came into force. However, there are some restrictions in the Russian Federation, for example, tokens and coins are prohibited from being used as a means of payment, and stablecoins tied to the dollar exchange rate can’t buy even to legal entities, because they relate to foreign digital rights.