NewsBTC

29 May 2025

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Weld Money Shuts Down Operations in Ukraine Amid Regulatory Challenges

Weld Money, a crypto card provider in Ukraine, is ceasing operations due to military controls and regulatory uncertainty. Users must withdraw funds by June 30 to avoid losing access.

Key points include:

• Service disruptions occurred as military checkpoints slowed transactions.
• In April, a proposed 18% tax on crypto income and an increase of the defense surcharge from 1.5% to 5% were discussed.
• The "On Virtual Assets" bill has stalled, creating hesitation for new fintech services.
• Other firms, like Kuna and Trustee Plus, have also halted operations amid similar challenges.
• Analysts suggest that passing the OVA bill could restore confidence, but risks remain high for local players.

Ukraine aims to become a blockchain hub, but ongoing instability poses significant challenges for crypto businesses.