“Excessive regulation simply changes the route of demand”: Trustee Plus founder Vadym Grusha named the risks of future crypto legislation in Ukraine

Later, in his Telegram channel, the entrepreneur summarized the key points and warned against mistakes that the state might make when legalizing crypto. We have collected the main thoughts.

Regulation is about competition, not just taxes

According to Hrusha, the market needs transparent and predictable rules, but focusing solely on maximum taxation is a mistake. The law should create conditions under which it will be profitable for businesses to register companies, create jobs, and pay taxes in Ukraine.

«We are for regulation. But regulation is not a question of taxation. The law should make Ukraine a place where people want to launch crypto products, and not stimulate businesses to go to other jurisdictions,» emphasizes the founder of Trustee Plus.

Rigid frameworks will not destroy demand, but they will drive capital out

An attempt to over-regulate the sector will lead to Ukrainian users and projects simply moving to foreign jurisdictions or switching to other technological models.

• Overregulation: «Overregulation doesn’t kill demand—it just changes its route,» Grusha notes.

• Uncertainty: The lack of clear rules also comes at a cost — in delayed investments, paused products, and unformed teams.

A reference point — not only the European MiCA

Although European regulation of MiCA is an important step, Vadym Grusha believes that it should not be the only reference point for Ukraine. To remain competitive on a global level, the state should analyze the experience of the United States and other leading countries.

Non-custodiality as a new privacy trend

The founder of Trustee Plus emphasized the growing role of self-custody wallets. Today, they are not only a protection against scams or the bankruptcy of centralized exchanges, but also a way to maintain financial privacy.

The principle of «Not your keys, not your crypto» takes on new meaning: users seek to control their own funds and protect them from excessive government interference, while maintaining the convenience of daily transactions.

The main criterion for the success of the legalization of cryptocurrencies in Ukraine should be integration into the global ecosystem. «Good regulation is when Ukraine becomes part of the global crypto market, not an isolated island,» summarizes Vadym Grusha.