The Central Bank of Ukraine said it will continue to be willing to continue with crypto -legalization, while again confirming that virtual assets are not recognized as legal tender, per RBC Ukraine.
National Bank van Ukraine (NBU) Governor Andriy Pyshnyy said on 8 August that “virtual assets cannot be payment in Ukraine” and described this limitation as a “red line” that is needed to protect monetary policy and prevent channels for illegal transactions.
The Central Bank has also increased the investigation on Crypto exchange activities without a permit, warning on 4 August that such an activity is risks for banking and payment systems.
The policy position is partly formed by the war experience of Ukraine with digital assets. In the first months of the Russian invasion, the ministries, NGOs and volunteer groups turned to cryptocurrencies to receive fast, cross -border donations.
According to public blockchain data, Ukraine received more than $ 70 million in crypto by March 2022, mainly in Bitcoin, Ethereum and Stablecoins. These funds were used to buy medical supplies, protective equipment and to support defense-related needs, demonstrating the speed and flexibility of blockchain transfers compared to traditional bank channels during crisis conditions.
That experience accelerated calls for an extensive legal framework that could in conflict with the financial system of Ukraine without undermining the role of the Hryvnia or creating vulnerabilities. The Parliament approved the Virtual Association Act in 2022 and offered the basis for licenses, supervision and taxes of crypto-related companies.
However, enforcement was delayed when the legislators worked to change tax legislation and to indicate the correct supervisors. Under the first route map, the legislators wanted to adopt the implementation of legislation by the first quarter of 2025, in accordance with the markets of the European Union in Crypto-Assets (MICA) and the application of tax in the securities style without preferential treatment.
That timetable has since shifted. NBU First deputy Governor Kateryna Rozhkova told Interfax that a new design of the Virtual Actress Act is expected in October 2025. The bill is being developed with international technical assistance and is designed to meet IMF and EU statutory expectations. Officials have emphasized that although the delay reflects the complexity of coordinating tax, AML and license regimes, the preparatory work is already underway.
Meanwhile, in June, the Wetgevers Concept Act no. 13356, which would give NBU the discretion to keep cryptocurrencies such as Bitcoin in national reserves alongside traditional assets. The proposal does not require such companies and leaves decisions entirely to the central bank. Proponents claim that this would give Ukraine flexibility when managing reserves, while critics emphasize the volatility of digital assets and potential effects on the stability of the reserve.
The newest statements of the NBU confirm that legalization remains on the agenda, but only within a tightly controlled framework that keeps the status of the Hryvnia as the only legal payment method.
Regular authorities continue to prepare for implementation through measures such as monitoring non -permit market activity and coordination with international partners.
The process reflects an attempt to capture the benefits of digital assets tested in wartime, while they are embedded in a structure designed to protect monetary sovereignty and financial stability.