A virtual asset is a digital representation of value that can be traded or transferred in digital form and used for payment or investment purposes (as defined by the Ukrainian financial monitoring law).
In plain words
Ukrainian law calls cryptocurrency a virtual asset. This definition applies for the purposes of financial monitoring: providers of services related to the circulation of virtual assets (exchange, transfer, custody, administration) are subjects of primary financial monitoring, and customer due diligence is mandatory, in particular, for operations of UAH 30,000 or more. A separate Law “On Virtual Assets” No. 2074-IX was adopted back in 2022, but as of 14 October 2026 it had not entered into force: it takes effect only after a law amending the Tax Code on the taxation of such operations. So the rules for trading and taxing crypto are not finally settled, and it is worth checking the current position before making decisions.
Sources
- Law of Ukraine “On Prevention and Counteraction to Legalisation (Laundering) of Proceeds from Crime, Terrorist Financing and Financing of Proliferation of Weapons of Mass Destruction” No. 361-IX of 6 December 2019 — Art. 1 (items 13, 51), Art. 6(2)(8), Art. 11(4) (version of 26 June 2026). Checked 14.10.2026.
- Law of Ukraine “On Virtual Assets” No. 2074-IX of 17 February 2022 — Art. 1; Section VI, item 1 (entry into force) (as of 14 October 2026 not yet in force). Checked 14.10.2026.
Example. For an exchange, your USDT operation worth UAH 30,000 or more (in equivalent) is a ground for customer due diligence under the financial monitoring law, so it may ask you to pass KYC and explain where the funds come from.