Crypto in Ukraine: How the State and Business Shape the Future of the Digital Economy

Introduction

Cryptocurrencies have long ceased to be a niche tool for enthusiasts. Ukraine has become one of the world’s leaders in terms of crypto adoption, actively working on harmonizing legislation with the EU and using blockchain to address real social and economic challenges.

Ukraine demonstrates that crypto can be not only an investment asset but also a tool for transparency, security, and support in times of crisis.

Legislative Consolidation and Regulation

In 2022, the President of Ukraine signed a law that granted cryptocurrencies legal status and allowed exchanges and exchangers to operate officially. This enabled banks to open accounts for crypto companies, and the rights of citizens became legally protected.

Next steps by the state include:

• Harmonization with MiCA — Ukraine is aligning its regulations with the European crypto-assets framework, in effect since late 2024.
• Tax reforms — a draft law is being prepared to tax only the conversion of cryptocurrencies into fiat.
• e-hryvnia — the National Bank presented the concept of a digital hryvnia that can perform smart contract functions, simplify social payments, and facilitate cross-border transactions.
• Bitcoin reserves — a draft law is being developed to allow the NBU to hold part of its reserves in BTC.

These steps make Ukraine one of the most progressive countries in the field of crypto regulation.

Ukrainian Crypto Companies on the Global Stage

Ukraine has a strong crypto ecosystem and startups that have become known far beyond its borders.

Top Ukrainian Crypto Projects:

• WhiteBIT — Ukrainian crypto exchange, founded by Volodymyr Nosov in 2018. The largest exchange in Europe with over 8 million users. Partnered with Visa, United24, Diia, and football clubs FC Barcelona and Juventus.
• CEX IO — exchange with a Ukrainian founder (Oleksandr Lutskevych, 2013). While headquartered in the UK, it has Ukrainian roots. Licensed in the US and EU, ranks among the top exchanges by trading volume.
• Kuna — the first Ukrainian crypto exchange (2014, Kyiv). Known for co-founding the Crypto Fund for Ukraine together with the Ministry of Digital Transformation, which raised over $100 million to support the Armed Forces of Ukraine.
• Trusty+ — Ukrainian crypto wallet and card, designed for everyday crypto payments. Allows fast integration of cryptocurrencies into daily life.
• Hacken — Ukrainian cybersecurity company, now a global player in blockchain auditing. Audits smart contracts and provides security solutions for DeFi and Web3 projects worldwide.
• BoxExchanger — Ukrainian fintech project (founded in 2017), providing white-label solutions for crypto exchangers and payment services. Cooperates with over 250 companies across 15+ countries.
• Gliesereum — Ukrainian blockchain ecosystem, founded by entrepreneur Pavlo Chabanov. Focuses on cybersecurity, Web3, and artificial intelligence. Recognized in international blockchain entrepreneur rankings.
• Resonance — Ukrainian web analytics platform for crypto trading. Specializes in supply and demand analysis, offering unique tools such as cluster charts, market indices, heat maps, and screeners for traders and funds.

Dozens of smaller projects are also active in DeFi, Web3, blockchain auditing, and cybersecurity. This proves that Ukraine is not just a consumer of crypto technologies but also an active creator of innovations.

Crypto During the War: Proof of the Technology’s Power

Since the start of the full-scale invasion in 2022, Ukraine has become the first state in the world to openly use cryptocurrencies to finance defense and humanitarian needs.

• In the first months of the war, over $56 million in crypto donations were collected; in total, more than $200 million【web†source】.
• The Ministry of Digital Transformation, together with the Kuna exchange, created the Crypto Fund for Ukraine, which received BTC, ETH, USDT, and other tokens.
• NFT projects and DAOs raised additional funds, showcasing the innovative power of Ukraine’s crypto community.
• According to Minister Fedorov, fast crypto payments enabled resources to be delivered in minutes, whereas traditional bank transfers would have taken weeks.

This experience became an unprecedented example for the world, proving that cryptocurrencies can literally save lives.

Popularity and Mass Crypto Adoption

Ukraine ranks among the top 6 countries in the world in crypto adoption, according to Chainalysis【web†source】.

• Around 12.7% of Ukrainians own cryptocurrency.
• Before the war, daily trading volumes reached $150 million.
• Crypto is widely used as a tool for savings protection, international transfers, and charity.
  Ukraine also actively promotes blockchain and cryptocurrency educational projects, fostering a culture of smart investing among young people.

Development Prospects

Ukraine has every prerequisite to become a crypto hub of Eastern Europe:

1. Regulatory framework — harmonized with the European MiCA.
2. Strong crypto community — millions of users and hundreds of companies.
3. Innovation — launch of the e-hryvnia and potential Bitcoin reserves.
4. International recognition — Ukraine set an example for other countries in using crypto during wartime.

Conclusion

Crypto in Ukraine is not just a trend — it is part of the economic strategy and digital future. With state support, business activity, and high public trust, Ukraine has a unique opportunity to secure its position as a leader in the global crypto economy.

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