Ukraine ranks among global leaders as Bitcoin purchases top $880 Million

Between July 2023 and July 2024, Ukrainian users spent the equivalent of almost $882 million on bitcoin purchases, the European Bank for Reconstruction and Development reported on Thursday.

Ukraine is among the world’s leaders in cryptocurrency adoption. According to the Global Crypto Adoption Index 2024 by Chainalysis, the country ranks behind only India, Nigeria, Indonesia, the United States, and Vietnam.

"During the period from July 2023 to July 2024, Ukraine recorded $106 billion in cryptocurrency inflows and spent the equivalent of $882 million in hryvnia on bitcoin purchases. The current growth in crypto activity is largely driven by institutional transactions ranging from $1 to $10 million and professional transactions between $10,000 and $1 million," the report notes.

Despite active investment in cryptocurrencies, they remain outside a clear legal framework in Ukraine.

In February 2022, Parliament adopted Law No. 2074-IX "On Virtual Assets." However, it has not yet come into effect, as amendments to the Tax Code were required — and Parliament did not pass them.

On September 3, 2025, lawmakers approved the relevant draft law in the first reading, but the second reading may not take place soon — possibly only under the next parliament.

In its current version, the bill introduces taxation of profits from transactions with virtual assets — calculated as the difference between the selling and purchase price — at a rate of 18%. Transactions under the value of one minimum wage, exchanges between cryptocurrencies, and assets received through issuance or free of charge from issuers would not be taxed.