What is hindering the full launch of the crypto economy? Is Ukraine’s infrastructure ready for this transformation? And most importantly — what benefits will businesses and the state gain from the launch of the digital asset market? We discuss these issues with Anna Stovpova — an expert in digital finance and author of the monograph “Accounting and Auditing of Electronic Money Transactions,” who actively contributes to the dialogue around regulatory changes in the crypto sector.
Leading countries around the world have already legislated the status of digital currencies. In your opinion, what is holding Ukraine back?
Everything was supposed to begin back in February 2022, when Ukraine officially adopted the Law “On Virtual Assets.” For the first time, digital assets were recognized as property — what had long remained in a legal gray zone was finally acknowledged by law. It seemed that a new market was about to emerge, bringing together banks, crypto exchanges, government agencies, and a new generation of traders.
But everything came to a sudden halt. The full-scale war began. What was meant to be the start of a digital reform turned into yet another delayed step. The law was frozen — officially, for an indefinite period. And although the economy did not come to a complete stop, many initiatives, including those related to crypto, were left in the shadows.
However, as always, life proved to be more complex than legislation. Within the first weeks of the invasion, the Ministry of Digital Transformation created a state crypto wallet — the first of its kind in the world. Donations to support Ukrainians flowed in: tens of millions of dollars were raised through blockchain when banking systems were overloaded or inaccessible.
This was an unofficial launch of crypto “in action” — outside the law, but for the greater good. And at the same time, it served as a reminder that the market won’t wait for decisions from the Parliament.
The previous Ukrainian law never came into force. It was a local attempt to establish basic regulation for digital assets. But after Ukraine gained candidate status for EU membership, a new objective emerged: the implementation of the MiCA regulation — the EU’s first comprehensive legal framework for crypto assets.
The Law “On Virtual Assets of Ukraine” offers much more than just regulation of a new market. It marks Ukraine’s commitment to fulfilling one of the key requirements for joining the European Union. This is a window of opportunity — for international investors, for business development, and for building a transparent, modern economy.
The adaptation process is already underway. Interagency working groups have been formed, amendments to the Tax Code are being prepared, and negotiations between regulators are in progress. It is a systematic, consistent process that takes time — but it is moving forward.
How ready is Ukraine, technically and infrastructurally, for the implementation of digital assets?
The digital asset industry encompasses several areas of development: from central bank digital currency (CBDC), legislative regulation, and its practical implementation — to the digitalization of the banking system and the improvement of financial literacy among end users of cryptocurrencies.
In essence, we are talking about forming a new economic ecosystem.
It’s worth noting that Ukraine ranks third in the world in terms of crypto adoption. According to the blockchain analytics company Chainalysis, in 2023, 17% of Ukrainians already had crypto wallets, and by 2024, that figure had risen to 53%.
In terms of technical readiness — Ukraine already has a number of payment services that facilitate fast banking services and transfers: from fiat currency accounts to cryptocurrency. One such example is the Trustee Plus platform, which has already earned a positive reputation among users.
However, for the full-scale operation of an expanded interaction model between banks, businesses, and individuals in the crypto payments sector, it is necessary to obtain appropriate licenses from the National Bank of Ukraine. This includes the National Securities and Stock Market Commission. (NSSMC). This will only be possible after the relevant legislation is adopted.
What development scenario do you foresee for the next 1–2 years?
Everything depends on several key factors. First and foremost — the security situation in Ukraine. If hostilities cease or significantly decrease, the crypto industry will become a priority for legalization.
The second important factor is our European integration path. Ukraine has signed a voluntary agreement and submitted an application for EU membership, which means we are already under the scrutiny of European institutions and must demonstrate tangible results in implementing legislation — including regulations for digital assets.
And finally, another factor that cannot be underestimated is the mass interest from users. The desire of individuals to invest and engage in trading has grown to the extent that, for the first time in Ukraine, the profession of “trader” was officially recognized.
Sometimes, before making a big leap, you need to take a series of small but precise steps. It seems that’s exactly where we are right now.
