Kyrgyzstan vs Ukraine
Crypto regulation comparison
Kyrgyzstan
Ukraine
Legal
Legal
Kyrgyzstan adopted the Law on Virtual Assets in 2022 requiring licensing for exchanges, mining, and VASPs. Over 120 licensed VASPs operate. Crypto turnover exceeded traditional securities market in 2024.
Ukraine passed the 'On Virtual Assets' law in 2022, establishing a legal framework for crypto. The NSSMC is designated as the primary regulator for virtual assets. Crypto gained significance during the Russia-Ukraine war, with Ukraine receiving over $100 million in crypto donations. Tax rules specify 18% income tax plus 1.5% military levy on crypto gains. Full implementation of the regulatory framework has been delayed due to the ongoing conflict.
Tax Type
Income
Tax Type
Capital gains
Tax Rate
10%
Tax Rate
18% + 1.5% military levy
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
State Financial Supervision Authority
Regulator
NSSMC (National Securities and Stock Market Commission), NBU
Stablecoin Rules
Regulated under Virtual Assets Law
Stablecoin Rules
Under development in virtual assets legislation
Key Points
- Law on Virtual Assets adopted in 2022 with licensing framework
- Over 120 licensed VASPs active by late 2024
- Three license types: trading operator, currency exchanger, mining operator
- Crypto sector contributed 800M KGS in taxes in 2024
- Virtual assets not recognized as legal tender but circulate under special regime
Key Points
- Virtual Assets law passed in 2022, establishing legal status for crypto
- NSSMC designated as primary regulator for virtual assets; NBU handles stablecoins
- 18% personal income tax + 1.5% military levy on crypto gains (19.5% total)
- Over $100M in crypto donations received during Russia-Ukraine war
- Full regulatory implementation delayed due to ongoing conflict