Ukraine tops per capita crypto adoption, ranks 8th globally
Ukraine secured a top-10 global ranking in crypto adoption as citizens spent approximately $882 million on Bitcoin within a year, while authorities prepare formal regulations to address illicit flows.
The 2025 Chainalysis Global Crypto Adoption Index places Ukraine among the world's highest adopters across metrics like retail transaction volume, DeFi participation, and institutional flows. A European Bank for Reconstruction and Development (EBRD) report showed Ukrainians purchased $882 million worth of Bitcoin between mid-2023 and mid-2024.
The EBRD said Ukraine received $106 billion in total crypto inflows during the same period, placing it among the top global destinations for digital asset activity. The country ranked alongside major markets in terms of transaction volume.
Institutional trades ranging from $1 million to $10 million, along with professional transactions of $10,000 to $1 million, accounted for most of the Bitcoin purchase activity. The EBRD tracked these transactions through blockchain analytics and exchange data.
A survey conducted in April-May 2025 by Ipsos and WhiteBIT found that cryptocurrencies ranked among the top five financial instruments for Ukrainians, alongside deposits, real estate, and bank accounts. About 25% of financially active citizens already hold crypto, with 23% planning to invest soon.
The EBRD said Ukraine received $106 billion in total crypto inflows during the same period, placing it among the top global destinations for digital asset activity. The country ranked alongside major markets in terms of transaction volume.
Institutional trades ranging from $1 million to $10 million, along with professional transactions of $10,000 to $1 million, accounted for most of the Bitcoin purchase activity. The EBRD tracked these transactions through blockchain analytics and exchange data.
A survey conducted in April-May 2025 by Ipsos and WhiteBIT found that cryptocurrencies ranked among the top five financial instruments for Ukrainians, alongside deposits, real estate, and bank accounts. About 25% of financially active citizens already hold crypto, with 23% planning to invest soon.
The survey covered 2,000 respondents across Ukraine's major cities and regions. Participants cited inflation protection and investment diversification as primary reasons for crypto adoption.
The National Bank of Ukraine maintains that it does not recognize crypto as legal tender or reserve assets. The central bank has issued multiple warnings about cryptocurrency risks and volatility.
The surge in crypto activity has raised regulatory concerns. A Royal United Services Institute report warns that weak oversight may have cost Ukraine at least $10 billion in losses and untapped tax revenue through over-the-counter markets, money mule networks, and illicit finance routes. The regulatory vacuum also allowed misuse of Telegram and OTC channels for illicit flows, with RUSI flagging monthly financial leakages of about $24 million through money-mule schemes.
Ukraine is preparing to legalize and regulate crypto under new legislation. Draft bill No. 10225-d passed its first parliamentary reading, proposing tax rates of 23% on crypto gains and a preferential 5% rate in the first year.
The legislation aims to bring crypto markets under oversight from the National Securities and Stock Market Commission and align Ukraine's rules with the EU's MiCA framework. Parliament has not announced a timeline for the bill's second reading or final passage.
The National Bank of Ukraine maintains that it does not recognize crypto as legal tender or reserve assets. The central bank has issued multiple warnings about cryptocurrency risks and volatility.
The surge in crypto activity has raised regulatory concerns. A Royal United Services Institute report warns that weak oversight may have cost Ukraine at least $10 billion in losses and untapped tax revenue through over-the-counter markets, money mule networks, and illicit finance routes. The regulatory vacuum also allowed misuse of Telegram and OTC channels for illicit flows, with RUSI flagging monthly financial leakages of about $24 million through money-mule schemes.
Ukraine is preparing to legalize and regulate crypto under new legislation. Draft bill No. 10225-d passed its first parliamentary reading, proposing tax rates of 23% on crypto gains and a preferential 5% rate in the first year.
The legislation aims to bring crypto markets under oversight from the National Securities and Stock Market Commission and align Ukraine's rules with the EU's MiCA framework. Parliament has not announced a timeline for the bill's second reading or final passage.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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