Crypto Law. What to expect?

Launch for Ukraine’s Crypto Law – What’s Next?
On September 3, the Verkhovna Rada of Ukraine supported the draft law on virtual assets in the first reading — for the first time, the future cryptocurrency market gets a chance for clear rules of the game and civilized taxation. The document defines basic concepts, regulators, and introduces an 18% personal income tax rate for individuals, though with a possible preferential period — 5% until the end of 2026.
What to expect before the second reading?
Ukrainian legal practice confirms: between the first and second readings, law texts often change significantly, especially in high-profile spheres. The main debates will focus on tax issues, the list of state regulators, and KYC/AML procedures for crypto-asset market operators.
 – The tax model may be recalculated — new benefits or exemptions for different user groups are possible.
 – Verification procedures, licensing, financial monitoring, and information exchange rules are likely to be strengthened or detailed.
 – The basic principles and definitions (such as “virtual asset”) and the general direction towards integration with the European MiCA will remain nearly unchanged.
How long to wait for the second reading?
On average, from the first to the second reading takes from one to six months, and for complex or “high-profile” bills this period may be even longer. It is likely that already this winter the market will see a completely new, more detailed version of the future law.
Security at risk: act now
Despite the final text still being revised, the Tax Service and Bureau of Economic Security are already closely monitoring the crypto asset market, preparing for legislative innovations and reviewing data on transaction volumes, transaction history, and ownership structure. These agencies will surely use the new tools as soon as the updated law takes effect. Therefore, it’s already worth ensuring the transparency of the origin of cryptoassets, safe storage, responses to KYC/AML requests, and competent structuring of your operations.
The main crypto news of the autumn has started — and a new level of attention from the state is here. Get ready for an active season of change!
     Author – Maksym Bahniuk, Head of Tax and Customs Practice at “WINNER” Law Firm.