Different Ways to Cash out Crypto in Ukraine

Cryptocurrencies are largely popular among Ukrainians. Speaking in numbers, one in four Ukrainians owns crypto. There are different cash out options in the country if the holders decide to convert their assets to fiat. Here, we’ll cover popular methods one by one.  

Say you have some crypto held on a crypto exchange that you want to withdraw to your bank account. Since bank cards don't directly support cryptocurrency transactions, the first step would be converting the assets into hryvnia (UAH), dollar (USD), euro (EUR), or other fiat currency. To do this, you need to have the bank card attached to your account. Then, you can use Spot or P2P (Peer-to-Peer) trading options to sell your crypto for fiat.

Spot trading is when you put in a request and the platform executes it, matching your selling request with a buying one. With P2P, you see a list of buyers, the prices they offer, and the range of assets that they are ready to buy. When you find a suitable offer, you initiate the transaction. Once the buyer receives your order, they send the requested amount to your bank address. 

Another option is to cash out crypto via online crypto exchange services focused only on buying and selling crypto. At first look, these platforms are similar to traditional crypto exchanges, but they are more direct and simple. Sometimes, they operate without KYC which allows users to withdraw the money not only to their but someone else’s bank card. 

Both spot and P2P trading can be affected by regulations imposed by Central Banks and government agencies. Ukraine is among the countries that have been developing a framework for crypto regulations. The legislation is expected to be formed by the end of 2024 to establish rules for the market. Till then, the crypto industry is in the gray zone in Ukraine, meaning it’s neither banned nor does it have a legal framework. The National Bank of Ukraine can limit or suspend crypto trading on exchanges to decrease financial instability risks and strengthen monetary control. Limitations can impact spot and P2P differently, and sometimes spot trading can be more influenced by regulations because the platform operator handles transactions, unlike P2P trading which is  processed directly between individuals. For example, in March 2023, Ukraine’s central bank suspended the use of hryvnia on crypto exchanges after which Binance and a few other platforms halted spot trading. Meanwhile, P2P remained unaffected. The bank later eased the crypto controls. 

Among the crypto cards available in Ukraine is the WhiteBIT Card, WhiteBIT’s digital crypto card with Apple Pay and Google Pay support. You can easily set up and use it to make payments and withdraw cash from ATMs in Ukraine and abroad. The WhiteBIT Card is a part of Whitepay, the company’s payment processing division, which offers different products and services, including a POS terminal that allows merchants to easily accept crypto payments. 

Generally, all the main types of crypto cashouts are available in Ukraine. Choosing a cashout option mainly depends on how often you use crypto, what assets you need to sell and what personal preferences you have. Test out different possibilities, and compare fees, accessibility, and supported cryptocurrencies when making a choice. For example, terminals may be convenient if there’s an open terminal near you that supports the crypto you want to sell from your crypto wallet. Using an exchange and a bank card is beginner-friendly, while crypto cards are for people who use crypto more frequently. Whatever your needs are, you’ll find a suitable cash-out option for you. 

However, you don’t always need to cash out your assets to spend them as different merchants in Ukraine accept crypto payments directly from customers’ wallets. You can buy gadgets and even cars paying with crypto while the number of crypto-friendly businesses keeps rising. Just make sure that’s an option in advance. 

If you’re hesitating whether to hold or withdraw your crypto, take into account that in case of holding you don’t need to pay any tax or fees. Taxes may apply when you sell, although the percentage and conditions are still in draft form.