What is Ukraine's FATF status?

Ukraine is classified by FATF as: fsrb_only.

Are VASPs licensed in Ukraine?

Yes — licensing is required for VASPs.

What is the AML/KYC regime in Ukraine?

KYC is mandatory for crypto businesses.

🇺🇦 Ukraine

Ukraine has a clear legal framework for cryptocurrency, regulated under the Law 'On Virtual Assets' (2022). The National Bank of Ukraine oversees financial institutions and enforces compliance with financial monitoring and currency legislation.

Overview

Status	Legal
Risk Score	75/100 (High Risk)
Region	europe
Currency	UAH
Adoption Rank	#6

Tax Information

VAT on Crypto

Licensing & Registration

Required	Yes
Regulator	NSSMC / NBU
Framework	Law 'On Virtual Assets' (2022)
Ease	medium
Cost (USD)	$10,000 - $100,000

Licensing is required for crypto service providers under the 2022 law, with regulatory oversight by the National Bank of Ukraine.

Enforcement Activity

Level: Low

Enforcement has been minimal due to the ongoing conflict. Focus has been on AML compliance and preventing sanctions evasion.

AML / KYC

KYC Required	Yes
Travel Rule	Yes
FATF Member	No
FATF Status	fsrb_only
FATF Body	MONEYVAL
Suspicious-Activity Reporting	Yes

DeFi, Stablecoins & NFTs

Status: regulated

DeFi activities are regulated under the Law 'On Virtual Assets' and subject to AML/KYC requirements.

Stablecoins

Status: regulated

Stablecoins are regulated under the general virtual assets framework established by the 2022 law.

NFTs

Status: no_rules

No NFT-specific regulation. The Virtual Assets law may cover NFTs depending on classification.

Mining

Legal	Yes
Electricity Cost	$0.058/kWh
Renewable Energy	25%
Infrastructure	poor

Mining is legally permitted under the Virtual Assets Law, but power infrastructure has sustained heavy damage from Russian missile and drone strikes since October 2022 (Trypilska TPP destroyed March 2024; Kakhovka HPP destroyed June 2023 — 3.5 GW hydro capacity lost). Scheduled blackouts of 4–12 hours/day are common nationwide; commercial mining at scale is not viable under current grid conditions.

Geopolitical Risk

Stability	very_unstable
Sanctions	No
Corruption Index	33/100
Banking Access	restricted

Risk Factors

martial law in force; NBU Resolution 18 imposes capital controls and FX restrictions
economic instability
approximately 20% of territory under Russian occupation; banking inaccessible in occupied areas
capital controls in place
economic instability — IMF EFF programme dependency, currency reserves managed under wartime regime
ongoing full-scale armed conflict with Russia (since 24 February 2022)
critical infrastructure (power grid, hydroelectric) repeatedly destroyed by missile strikes
ongoing conflict with Russia

Ukraine maintains a functional regulatory framework for crypto businesses (Virtual Assets Law, 2022), but operates under martial law with active armed conflict. NBU restricts FX outflows and corporate exits. Stability rating reflects wartime conditions, not the pre-2022 baseline.