In 2019 cryptocurrency Will Be Regulated by National Bank of Ukraine

December 29, 2018
In 2019 cryptocurrency Will Be Regulated by National Bank of Ukraine

In 2019, a cryptocurrency will fall under the jurisdiction of the National Bank of Ukraine and the Law "On Currency and Currency Transactions".

Being a "currency value", the cryptocurrency will fall under the jurisdiction of the National Bank of Ukraine and the new Law "On Currency and Currency Transactions" that is going to come into force in February 2019. Legislation on anti-money laundering and consumer protection should extend its scope to cryptocurrency service providers as well. In order to tax cryptocurrency, one should follow the rules applicable to foreign currencies (the private sale of which is not taxable in Ukraine).


Ukraine has one of the highest capital indicators in bitcoins, as a percentage of GDP in the world. According to the market sources, cryptocurrency in Ukraine is owned by about 100,000 people. According to the analytics of City, the annual turnover of the hryvnia/cryptocurrency is about $775 million.

In October 2018, the Ministry of Economic Development initiated the adoption of the Concept of State Policy in the Field of Virtual Assets that aims to create clear conditions for conducting activities in the field of virtual assets and virtual currencies (cryptocurrencies).

Sources: USAID Project "Transformation of the Financial Sector" ("Cryptocurrencies in Ukraine: technology, markets, and regulation"), Press service of the Ministry of Economic Development and Trade of Ukraine

Photo credit - pymnts.com.

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