Cryptocurrencies once again proved their effectiveness during the war. Today, digital assets are used for various purposes:
✅ Protection against inflation
✅ Collection of donations worldwide
✅ Purchase of humanitarian and military aid
The authorities are also beginning to realize the importance of digital assets, which is why in February 2022 the KUNA team, together with the Ministry of Digital Development, Everstake and FTX, created the first state crypto fund Aid for Ukraine, which has already raised more than $70 million.
Nevertheless, some restrictions significantly complicate today’s operations with cryptocurrency on the territory of Ukraine. This post focuses on the current legislative framework, NBU crypto rules, and ways of buying cryptocurrencies.
🔷 Zelensky signed the law “On virtual assets”
In mid-March, President Volodymyr Zelensky signed the “Law on Virtual Assets”, which will regulate the circulation of cryptocurrencies in Ukraine. It will enable crypto businesses to work legally, open bank accounts, and contribute to the country’s economy. The law will come into force after changes to the Tax Code.
As for now, Ukrainians need to pay 18% personal income tax and 1.5% military tax. Please note that the percentage is calculated based on the entire withdrawal amount rather than just profit. As soon as the Tax Code is updated, individuals will be subject to a 5% personal income tax and a 1.5% military tax. Our lawyers have prepared an analysis of the law “On Virtual Assets”; check it out for more details.
🔷 Ban on buying crypto with the hryvnia
On April 21, 2022, the NBU issued a resolution that temporarily prohibits individuals from conducting quasi-cash transactions, including cryptocurrency transactions. As a result, officially, Ukrainians can only buy digital assets using foreign currency accounts with a limit of UAH 100,000.
❓How to buy crypto in Ukraine
Despite the NBU ban and the blocking of cryptocurrency-related transactions, Ukrainians can still buy digital assets with hryvnia. As expected, the most significant number of refusals for deposits on crypto exchanges occurs with PrivatBank, so you might consider using another bank. Nevertheless, we want to assure you that even when topping up the balance via a PrivatBank card, we find gateways for a successful operation.
On KUNA, you can deposit hryvnia to buy digital assets later in three ways:
✅ Bank card
– Log in to the exchange and go to the “Assets” page.
– Find “UAH” among the currencies and click “Deposit“.
– Choose the “Visa/Mastercard” method and specify the deposit amount.
– Fill in the bank details in the new tab and click “Pay”.
The funds will be automatically credited to your balance, while the transaction fee is 1.5% + 5 UAH.
✅ GEO Pay service
If you already have a GEO Pay payment platform account, you can use this method when replenishing your balance. The fee is set at 1.5%.
✅ KUNA CODE
Another deposit method is KUNA CODE, a specialized code for exchanging assets between KUNA users. As soon as you activate it, your balance will be topped up by the amount indicated by its creator.
As you can see, buying crypto in Ukraine is more than possible, even despite the current restrictions. Soon we will tell you how to withdraw funds from the exchange and cover strategies for the bear market — be sure not to miss it 😉