Crypto, politics and Ukraine: new rules of the game

A few days ago in Kyiv an expert dialogue Regulating the Use of Virtual Assets in Political Financing took place, organized by International IDEA. At first glance – a niche event for lawyers and regulators. In reality – a discussion of a topic that is increasingly emerging at the intersection of the crypto market and politics: how digital assets can influence elections and who will control it.

The discussion was attended by legal advisor to the National Commission on Securities and Stock Market Vita Forsyuk, who presented the regulator’s position on the future regulation of the crypto sphere in Ukraine. In short – the course is set towards maximum transparency. Even if not everyone likes it.

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The agenda of the event itself was quite sensitive. The organizers directly pointed to a key risk: virtual assets, due to their pseudo-anonymity and cross-border nature, can be used for hidden financing of political processes and influencing public opinion. Simply put, money can come “from nowhere” – and go back there, leaving minimal traces. In the era of digital campaigns, this is no longer a theory but a very practical challenge.

Particular attention was paid to international experience – in particular the cases of Moldova and Romania, where attempts have already been made to build mechanisms for controlling crypto financing in politics. Ukraine, apparently, is not going to reinvent the wheel but wants to integrate into global standards immediately.

During the discussion, key elements of the future regulatory model were outlined. The first is the implementation of the so-called Travel Rule developed by FATF. This rule requires the transfer of data about senders and recipients of transactions between crypto service providers and regulators. Essentially, it is an attempt to “attach a passport” to crypto transfers. Not everyone likes it, but from a control perspective it is an effective tool.

The second important element is the implementation of standards of the Organisation for Economic Co-operation and Development, namely the Crypto-Asset Reporting Framework (CARF). This is about tax transparency: states receive more tools to track crypto assets and citizens’ income. From January 1, 2026, these rules are already in force in dozens of countries, and Ukraine clearly does not want to stay aside from this process. This is stated in a Cointelegraph article.

The third direction is restricting market access for counterparties linked to Russian capital. This is no longer only about finance but also about security. In the context of ongoing geopolitical tension, control over sources of capital becomes critically important, especially when it comes to potential influence on political processes.

Taken together, these measures should increase transparency of the crypto market and reduce risks of external interference in elections and public opinion. The NSSMC also noted that it plans to prepare separate recommendations on this issue before the next electoral cycles. That means this is not just theory, but quite practical steps in the near future.

At the same time, it is important to understand: regulation of the crypto sphere in Ukraine is still in the formation stage. The framework draft law, which should introduce changes to current legislation and the Tax Code, is still being prepared for the second reading. The document has been discussed for a long time, and the market has already become used to the state of “almost adopted”.

Interestingly, back in November 2025, the head of the профиль committee of the Verkhovna Rada Danylo Hetmantsev stated plans to complete legalization of the crypto market within two months. As often happens, reality turned out to be somewhat more complex than timelines on paper.

As a result, a rather typical picture emerges: the market is growing and developing faster than legislation can keep up, and the state is trying to catch up without losing control. And if earlier crypto was associated mainly with investments and technology, now it is increasingly becoming a factor of politics. Which means it will be regulated not only by economists, but also by those responsible for state stability. And here, as they say, jokes end – rules begin.