The video blog “A Lawyer’s Notes” by Yuriy Zhovtan, a lawyer and partner at Barristers, on the topic: “Why Is the Cryptocurrency Market in Ukraine Still Unregulated?”

Yuriy Zhovtan, an attorney and partner at Barristers, is launching a new blog in which he will explore one of the most pressing issues in Ukraine’s legal landscape—the legal regulation of cryptocurrencies.

The first installment is dedicated to a question on many people’s minds today: Is the Law “On Virtual Assets” in effect?

The law was adopted by the Verkhovna Rada on February 17, 2022, and signed by the President on March 15, 2022. However, as of 2025, the law has still not entered into force. Why? The transitional provisions state that it will take effect only after amendments are made to the Tax Code of Ukraine, which must define the specifics of taxing cryptocurrency transactions.

Cryptocurrency is not illegal in Ukraine, but there is still no clear regulation of this market.

This creates significant risks for businesses and investors, particularly given the lack of tax regulations.

In upcoming issues, we will examine the following in more detail:
- How to report cryptocurrency
transactions - What tax risks exist for cryptocurrency asset holders -
How to avoid fraud in this area
Stay tuned for new issues and learn more about the legal nuances of the cryptocurrency market in Ukraine!