The head of the NKTsBFR, Oleksiy Semeniuk, spoke about the current status of preparing a bill regarding the regulation of the virtual assets market in Ukraine. According to him, the text of the document is approximately 90% ready, and they plan to finalize it in August.
At the same time, a number of key issues, particularly taxation and the legal status of crypto assets in criminal and enforcement proceedings, remain unresolved. Semeniuk stated this in an interview, commenting on the progress of work on the bill after regulators announced during the Incrypted Conference 2026 their intention to finalize the document's text in August.
Provisions of the Bill That Have Already Been Agreed Upon
Commenting on the timeline for preparing the document, Semeniuk emphasized that August pertains specifically to completing work on the text, not its adoption by parliament.
He noted that the distribution of powers among state bodies has been finally agreed upon:
"What is finalized: first and foremost, the distribution of powers – NKTsBFR as the main regulator of the virtual assets market with a clearly reserved list of competencies for the National Bank. This list has been agreed upon and is not a subject of bargaining."
The parties have also agreed on the classification of virtual assets in accordance with the European MiCA regulation. The document provides for division into:
- asset-referenced tokens;
- electronic money tokens;
- other virtual assets.
Furthermore, the rules for licensing service providers related to virtual assets and the prudential requirements for them have been agreed upon. This includes, in particular, capital requirements, the procedure for safekeeping client assets, their separation from companies' own funds, and financial monitoring procedures.
A special regime for the market's operation during martial law and a nine-month period for preparing the necessary by-laws after the law's adoption have been separately agreed upon.
Taxes and Legal Status of Crypto Assets Remain Open Questions
Despite significant progress, several blocks of the bill are still at the stage of coordination.
The first of these concerns the taxation of cryptocurrency transactions, including "the rate, base, moment of tax obligation arising, duration of the grace period."
Another unresolved issue is the legal status of virtual assets in criminal proceedings and enforcement proceedings.
"This is not within our competence, but without it, the law doesn't work – and that's precisely where things are moving the slowest right now," Semeniuk emphasized.
In addition, consultations regarding the transition period after the law comes into force are ongoing.
Work on the legislative regulation of the crypto assets market in Ukraine has been ongoing for several years. In September 2025, the bill on virtual assets passed its first reading in the Verkhovna Rada after a lengthy period of revision and discussions. More details in the article:
Later, in October 2025, MP Yaroslav Zheleznyak reported that 2538 amendments had been made to bill No. 10225-d, causing the preparation of the document for the second reading to be delayed.
During the Incrypted Conference 2026, government representatives stated that they plan to prepare the final version of the bill in August, and the document itself, according to regulators' expectations, could come into force on January 1, 2027. Zheleznyak then confirmed that the NKTsBFR has been designated as the main regulator of the virtual assets market in Ukraine.
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