Michael Chobanyan, founder of KUNA, claims that the Ukrainian central bank has effectively “killed” the local cryptocurrency market, prompting it to focus on Europe.
According to Michael Chobanyan, founder of tAccording to the KUNA cryptocurrency exchange, the cryptocurrency market in Ukraine is dead rather than alive. In an interview with Ukrainian media outlet Delo.ua, Chobanyan accuses the National Bank of Ukraine of “killing” the local cryptocurrency market. He criticized the central bank’s restrictive policies, which he said devastated the industry.
The founder called the current state of the Ukrainian cryptocurrency market devastating, attributing the decline to the strict restrictions imposed by the national bank on crypto transactions in hryvnias, the country’s currency. Implemented more than two years ago, these regulations have significantly reduced market activity, limiting transactions mainly to cash, which presents logistical and security challenges.
“Therefore, until the Ukrainian economy starts growing, we should not expect a recovery in the cryptocurrency market.”
Michael Chobanyan, founder of KUNA
In response to the stagnant situation in Ukraine, Chobanyan is looking to Europe. He sees the upcoming regulation of crypto asset markets (MiCA) as a promising opportunity. Chobanyan’s European venture, KUNA Pay, aims to capitalize on these new regulations by offering crypto payment processing and tax solutions.
According to Chobanyan, the KUNA Pay team is preparing for the launch of the digital euro between 2026 and 2028. By then, the team plans to build a substantial network of merchants across the European Union and expand its offerings to other regions. Despite the challenges in Ukraine, he remains optimistic about the growth potential in Europe, where he is preparing to expand KUNA’s operations to meet new market demands.
Since March 2023, Ukrainian banks have stopped processing requests to convert cryptocurrencies into Ukrainian hryvnias and vice versa, citing technical difficulties. Subsequently, reports in the local press suggested that the cryptocurrency market could face crackdowns related to the Ukrainian government’s broader campaign against the gambling industry.
