Danylo Hetmantsev, head of the Verkhovna Rada Committee on Finance, Taxation, and Customs Policy, participated in the Incrypted Conference 2025, where he outlined the current state and prospects of legislative regulation of the cryptocurrency market in Ukraine. Speaking at the conference, Hetmantsev emphasized the importance of adopting the draft law on virtual assets and adapting it to European standards.
This is reported by Бізнес • Медіа
Regulation of the Crypto Market and Key Discussions
Hetmantsev stressed that the document currently being prepared fully complies with the requirements of the EU MiCA regulation and should be adopted by the end of the current year. He highlighted the necessity for parliamentary support of the draft law in both the first and second readings, as this is Ukraine’s commitment to international partners.
“Parliament must support the draft law in both the first and second readings. This is our obligation to international partners,” noted Hetmantsev.
Earlier, he stated that the legalization of crypto assets is expected in the first half of 2025. In April, the committee unanimously supported the draft law “On Virtual Assets,” but its advancement was halted due to a decision by the President’s Office, allegedly at the initiative of the National Securities and Stock Market Commission (NSSMC). During the conference, this situation became a topic of discussion between Hetmantsev, Yaroslav Zheleznyak, and the head of the Commission.
One of the main restraining factors, according to Hetmantsev, remains the issue of choosing a market regulator. Among the candidates are the National Bank of Ukraine (NBU), NSSMC, and the Ministry of Digital Transformation. Hetmantsev noted the high level of institutional capacity of the NBU and emphasized that the Commission advocates for mandatory registration of all crypto assets, even if they are already authorized by European or American regulators. This, according to the deputy, creates additional barriers to market development.
“The NBU is a powerful institutionally capable regulator with experience in both the banking and non-banking sectors,” emphasized Hetmantsev.
He does not rule out the possibility of shared regulation between the NBU and the Ministry of Digital Transformation, with the final decision to be made by the Cabinet of Ministers.
Tax Approaches and the Idea of a Crypto Reserve
Regarding the taxation of crypto assets, the basic version of the draft law proposes an 18% personal income tax rate and a 1.5% military tax. For the transitional period, a reduced tax rate of 5% is planned without the obligation to confirm expenses for crypto investors. Hetmantsev acknowledges that the high overall rate of 23% may encourage market shadowing, but the proposed model will promote transparency and revenue to the state budget during wartime.
“If someone wants to remain in the shadows — that’s their choice. All tax revenues go to the army,” stressed Hetmantsev.
He also commented separately on the idea of creating a state crypto reserve. In the politician’s opinion, this initiative is interesting, but it should be developed by the National Bank. At the same time, Hetmantsev is skeptical about the possibility of implementing such a project in the near future, emphasizing the need for the urgent adoption of the law on virtual assets.
Prospects for Legalization and Main Risks
Hetmantsev openly stated that he does not own crypto assets, but he understands the specifics of the market well. He is convinced that cryptocurrencies have a future, and the number of their owners in Ukraine will only increase after legalization. In his opinion, the legalization of crypto asset circulation will protect investors’ rights and integrate Ukraine into the global financial space.
Among the risks of legalization, Hetmantsev mentioned the possibility of tax evasion by traditional market participants and the lack of necessary expertise in the potential regulator.