Crypto Firms Flee Ukraine—Weld Money Becomes Latest To Exit
Ukraine's crypto card market is rapidly declining, with Weld Money announcing its closure due to military controls and unclear regulations. Users must withdraw funds by the end of next month to avoid losing access. The fintech faced service disruptions from increased checkpoints, affecting transaction smoothness. In April, Ukraine's securities regulator proposed an 18% tax on crypto income and a defense surcharge increase, while a key bill on virtual assets remains stalled. Other firms like Kuna and Trustee Plus have also halted operations due to legal uncertainties. Rising costs from the war and cash flow limits complicate budgeting for startups. Analysts suggest that passing the OVA bill could restore confidence, but larger firms may still dominate the market. Ukraine aims to be a blockchain hub, but ongoing instability poses significant risks for local players.
