Global Crypto Trends and Opportunities in Ukraine: How to Start a Fintech or Crypto Business in 2025 – Interview with Yulia Barabash, SBSB Fintech Lawyers

The global fintech market is projected to grow by 16.8% by 2032. What trends are you currently seeing in Ukraine and worldwide?

Fintech and crypto are growing rapidly, both in Ukraine and globally. By 2033, the crypto market is expected to reach a capitalization of €6.3 trillion, growing at an average rate of 9.7% per year. Bitcoin (BTC) recently hit a record high of $111,970, driven by institutional investments and favorable regulation in the U.S. Ethereum (ETH) rose 3.4% to $2,732, due to increased DeFi activity and growing corporate interest.

One major trend is the tokenization of real-world assets like real estate and securities. This improves liquidity and makes investing more accessible. For example, one of our clients wanted to tokenize a villa in the UAE. Another looked into tokenizing wine using NFTs. We even had a request to tokenize an entire island. One particularly unique idea was to tokenize russia’s debt to Ukraine, with token holders receiving compensation once reparations are paid.

At the same time, regulations are tightening to improve transparency and security. This includes more state oversight and licensing. Digital currencies, including central bank digital currencies, will also continue to evolve.

Ukrainians are very forward-thinking when it comes to using crypto, even though digital assets aren’t yet recognized as official or legal tender in the country. Ukraine is actively building a legal framework for taxing and licensing crypto exchanges, improving financial literacy in digital assets, and integrating blockchain into both government and business.

Given these trends, could you please tell us how your clients have changed over recent years?

They’ve gotten younger. We used to mostly work with clients aged 35-40. Now we’re seeing many 20-22-year-olds – young millionaires launching new ideas. Around 60% of our clients are startups, while the other 40% are mid-sized companies. They focus on creating crypto banks, exchanges, funds, and also obtaining licenses for iGaming, crypto, and fintech projects.

What challenges do new crypto or fintech businesses face?

Broadly speaking, the primary pitfall is insufficient preparation for business launch. Frequent mistakes are:

• No clear business plan: no financial model, no project vision, no yearly projections.
• Underestimating launch timelines: just getting a license can take from 6 months to several years.
• Choosing the wrong jurisdiction: clients often overlook legal capital requirements, office presence, AML officer duties, taxes, or licensing details.
• Ignoring AML/KYC rules.
• Failure to account for rapid regulatory changes – a startup launches just as legislation is rewriting the rules of the game.
• Tokenization tax pitfalls – for instance, overlooking capital gains tax after a tokenʼs value increases.

Sometimes a client will come in with €10,000 and the idea to build a crypto bank from scratch. Unfortunately, just acquiring a financial license can cost €50,000-100,000 and take 6 to 12 months or more.

One case stands out: a client opened a company and bank accounts in Lithuania without legal support and came to us later for help with a payment license. But Lithuania has licensing challenges, and after we prepared a detailed one-year financial forecast, the client realized the costs were twice what they expected. If they had known upfront, they wouldn’t have wasted time registering the company.  

What’s the ideal roadmap for launching a fintech or crypto business today?

After 12 years in the field, we’ve built a strong process: from the first consultation and choosing the right jurisdiction to gathering proof of financial solvency and budgeting accurately. For example, launching a compliant fintech business in Europe typically requires at least €500,000. Office setup, staff, capital requirements, and regulator interaction vary by country. We guide clients through the paperwork, licensing, and post-launch compliance.

By the way, licenses aren’t just for purchase – you can also rent them. This is ideal for those with limited capital or those just testing the waters. Monobank in Ukraine, for instance, operates under a license rented from Universalbank. Software and staff can also be rented. About 30% of businesses we work with go this route, spending closer to €100,000 instead of €500,000.

We offer full legal support and can also help hire staff like HR managers, accountants, AML officers, and risk managers. We even help find office space. On average, our clients stay with us for 6–7 years after launch. 

Which jurisdictions are currently best for launching crypto or fintech businesses?

When choosing a jurisdiction, it’s important to consider more than just licensing costs and timelines. Legal frameworks, financial infrastructure, and tax regimes matter too. A license confirms the legal status of the business and opens doors to banking and partnerships.

Previously, countries like Portugal, Poland, the Czech Republic, and Lithuania offered easier licensing. But now, the EU’s new MiCA regulation creates unified standards across all member states. Companies with existing licenses – for example, in the Czech Republic – must now update them to meet MiCA’s requirements: more capital, more staff, a physical office, and strict deadlines.

At SBSB, we might recommend El Salvador – currently a major Bitcoin hub. For Latin America, Argentina is a good choice. And if you canʼt afford a MiCA license, Bosnia and Herzegovina is an option – they don’t require crypto licenses yet. But this should be seen as a temporary solution: a lack of a proper license or using offshore licenses can create major issues with bank accounts.

Why does a crypto project need a license at all?

Licenses confirm that the project operates legally in its chosen jurisdiction. Staying compliant builds trust among users, partners, investors, and financial institutions. It’s also essential for long-term success.

Why do crypto or fintech businesses get their accounts blocked?

Firstly, due to concerns about money laundering, terrorism financing, or fraud. Banks are monitored by the government, and in turn, they monitor their clients. Suspicious transactions may lead to temporary account freezes while they verify the source of funds.

What trends and challenges lie ahead for crypto and fintech?

The biggest trend is regulation. Fintech is already working within clear legal rules. Now crypto is entering the same phase, especially in the U.S. and the EU. Launch costs will rise due to new requirements: more capital, offices, staff, and compliance reporting. There will also be increased pressure around cybersecurity and AML/KYC policies. Competition between neobanks and traditional banks will intensify. The days of speculative hype around crypto are fading – instead, a more stable, regulated market is emerging. In the long run, we’ll see more AI-powered financial tools and a shift toward digital currencies. All of this demands strong preparation and a strategic mindset from day one. Regulation isn’t a roadblock – it’s an opportunity to build a lasting, trustworthy business.

Finally, what worries or fears do your clients most often bring to you?

We often say we’re like doctors – to help the client, we need the full history, including past mistakes. One of the biggest fears is wasting time. Entrepreneurs move fast, and delays can mean lost revenue. So we’re always upfront about realistic timelines. 

Another common fear is trust. Many entrepreneurs hesitate to pay for consulting after bad past experiences. That’s completely understandable. That’s why we operate with full transparency – our team is listed on the website, all contacts are available, and I’m always open to personal communication. We value openness and honesty – it’s both my principle and the foundation of our company.