The draft law on regulating the cryptocurrency market in Ukraine has successfully passed its first reading in the Verkhovna Rada. Ahead lies further refinement before the second reading, during which the document may undergo significant changes.
This is reported by Finway
Expected Changes Between Readings
As lawyers emphasize, the practice of introducing a substantial number of amendments between the first and second readings is typical for the Ukrainian legislative process, especially regarding complex and resonant issues. Lawyer and managing partner of the Winner law firm, Ihor Yasko, notes that the number of amendments can reach hundreds, and the text of the draft law may change by 50-70%, particularly if active discussions are ongoing among state bodies.
“In the area of crypto assets, this risk is even higher due to the novelty of the field, attempts to align Ukrainian law with the European MiCA, and disputes regarding actual control and oversight of the market.”
It is still unclear which specific provisions may be changed. The head of the Committee on Finance, Taxation, and Customs Policy, Danylo Hetmantsev, stated that all norms of the document are subject to discussion, and there are no strict limitations on changes.
Key Issues: Regulator, Taxes, and Market Rights
According to Ihor Yasko, basic definitions, general principles of regulation, and investor protection usually remain unchanged. At the same time, serious adjustments may relate to the regulation of taxation, KYC/AML procedures, as well as the powers of regulators.
As of September 2025, the draft law designates the National Bank of Ukraine as the main regulator of the virtual assets market. However, experts, including Danyil Voloshchuk, emphasize that the NBU may not have the necessary expertise in all aspects of this market. They see the optimal solution as solidifying the role of the National Bank in the financial sphere while involving additional regulators for other aspects.
Lawyers and market participants expect that the draft law will take into account the following fundamental changes by the second reading:
- Limiting excessive powers of the regulator regarding information collection: requests should only pertain to specific checks and consider the technological specifics of the market (for example, providing data in blockchain or smart contract formats).
- The possibility of issuing tokens linked to assets or electronic money for all financial institutions with appropriate licenses. This is important for maintaining competitiveness in the international market, as the EU experience indicates the effectiveness of open issuance for all credit institutions, not just banks.
- Preserving flexibility for residents of Diia.City. The proposed requirement for resident companies to switch to a general taxation system after transactions with virtual assets raises concerns, as it undermines trust in the special legal regime and the principle of stability of the tax burden for 25 years.
Despite its fundamental nature and positive developments, the draft law contains several aspects that experts believe require mandatory refinement or even complete revision.
“The aspects described above are specific examples of individual shortcomings; however, the text of the draft law contains a greater number of similar omissions.”