North Korea vs Ukraine
Crypto regulation comparison
North Korea
Ukraine
Banned
Legal
North Korea does not allow civilian cryptocurrency use. The regime has been accused by the UN and US of using state-sponsored hacking to steal cryptocurrency to fund weapons programs.
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
None
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
18% + 1.5% military levy
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Central Bank of North Korea
Regulator
NSSMC (National Securities and Stock Market Commission), NBU
Stablecoin Rules
Not applicable — crypto banned
Stablecoin Rules
Under development in virtual assets legislation
Key Points
- No civilian cryptocurrency use permitted
- State-sponsored crypto theft alleged by UN and US
- Lazarus Group linked to major crypto exchange hacks
- International sanctions restrict all financial activities
- Cryptocurrency used by state actors, not civilians
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