Investment analysis by Ruslan Averin — originally published at averin.com.
Ukraine has had a virtual assets law since February 2022. It has never entered into force.
Law 2074-IX was adopted and signed, then made conditional on amendments to the Tax Code that would define how crypto income is taxed. Those amendments are bill 10225-d. It passed its first reading in April 2025, was listed as preparing for second reading on 3 September 2025, and is still there as of August 2026.
So the honest position, in a field full of confident numbers, is that there is no crypto tax regime in Ukraine right now.
What that does and does not mean
It does not mean crypto income is untaxed. Under the general rules, income received by a Ukrainian tax resident is taxable — 18% personal income tax plus the 5% military levy — and the declaration obligation exists independently of whether Parliament has passed a dedicated framework.
What is missing is the specific machinery: what counts as the taxable event, how the base is computed, how acquisition cost is proved for assets bought years ago on an exchange that no longer exists. Those questions have proposed answers in the draft and no settled ones in law.
What the draft proposes
| Draft provision | Terms as debated |
|---|---|
| Taxable event | Conversion into fiat, not crypto-to-crypto |
| Standard rate | 18% PIT + 5% levy |
| Preferential rate, discussed | 5% PIT + 5% levy, first year, pre-existing assets |
| Loss carry-forward | Permitted against future periods |
| Service providers | Registration and annual reporting to the tax authority |
Every line of that table is a draft term. It can change in the second reading, and the specific numbers should be treated as a proposal, not a rate card.
The preferential window is the part worth watching: it is designed as a one-time legalisation route for holdings acquired before the law takes effect. If it survives in that form, the people who benefit are the ones who can document when and at what price they bought — which is a records problem, and records cannot be created retroactively.
The reporting side has already moved
The regulatory perimeter arrived ahead of the tax rules. Service providers dealing in virtual assets for Ukrainian residents face registration and annual reporting requirements, and Ukraine's participation in the automatic exchange of financial account information covers the fiat side of exchange accounts regardless of what the crypto rules eventually say.
The realistic assumption is that the flow between an exchange and a bank account is visible now, and the tax treatment of what happened at the other end is being decided later.
How I read it
This is the one topic in this cluster where the right advice is to be conservative in both directions: do not assume the absence of a law means the absence of an obligation, and do not pay tax at a rate that has not been enacted.
What I would do in the meantime is unglamorous and entirely within one's control. Reconstruct the acquisition history while the exchanges still exist and the statements can still be downloaded. Record dates, amounts and costs. Keep the fiat conversions separately, because whatever regime finally passes, that is the event most likely to be taxed.
The legislation will arrive on Parliament's schedule. The records only exist if you make them.
More market analysis by Ruslan Averin at averin.com.
