Andrew Makarov (Incrypted): Crypto in Ukraine Is Still Worth Fighting For

We sat down with Andrew Makarov at Incrypted Conference, one of Eastern Europe’s premier crypto events. The media team at Incrypted powers this gathering and continues to expand in spite of the war in Ukraine. Andrew covered several points: how the Incrypted Conference has evolved, how the crypto community has transformed, what Ukraine still lacks to achieve a Web3 leap, and why the time for crypto rock stars is over.

Incrypted Conference: More Than a Crypto Event

The team launched the first edition right after February 24, 2022. Since then, each conference has grown—in reach, in guest numbers, in attendee engagement, and in viewership.

This isn’t only an event. It proves we stand strong. And we will go on,

says Makarov.

Andrew refers to the Incrypted Conference as a manifesto: despite the war, economic hurdles, and technical difficulties, the community not only survives – it expands. Each event offers the clearest answer to: “Is building crypto during war worthwhile?”

Event as a System: Who Really Powers Incrypted Conference 2025

Andrew Makarov’s initial thanks went to Ukraine’s Armed Forces instead of sponsors or project crews. He points out that without the bulwark they provide, no venue or gathering could come to life.

Yet having safety in place is just the start. Putting together an event of this size requires a massive operation. Incrypted maintains a separate unit for content creation, partnership management, and logistical planning.

That still doesn’t capture the scale: dozens of contractors join the work. Camera operators, live-stream directors, decorators, stage setup teams, sound technicians, venue staff, security, admins, and flow curators all get involved.

Makarov stops short of exact statistics but mentions dozens or even hundreds of people. Incrypted today is a full operational structure blending events, content, partners, and communities. Each conference brings higher demands for coordination, accountability, and seasoned expertise.

This isn’t just a “local meetup.” It’s a professional hub backed by full-scale logistics.

Web3 in Ukraine Today: Key Strengths, Weaknesses, and Genuine Limits

According to Makarov, the Ukrainian crypto scene’s primary strength lies in its people. Whether they stay in Ukraine or work from abroad, they form a proactive, savvy audience determined to create.

But outside circumstances curb these strengths. The war tops the list: it redirects focus and constrains what projects can do. The second issue is unclear regulation. Makarov warns that businesses hesitate to enter the Ukrainian market or register locally.

Wrong regulation—or its absence—has a real impact. It stops us from drawing in participants and discourages people from registering companies here.

Andrew points out that part of the challenge is how negatively people view the regulator. The state hasn’t yet set up a framework that makes crypto ventures want to stay within its jurisdiction.

Even well-intentioned projects like Diia.City (the IT portal for Ukrainian businesses) haven’t changed things so far. Makarov acknowledges the good signals but says they’re not enough to trigger systemic progress.

Regulation, Tax Burdens, and the Threat of Informality: Crypto in Ukraine Faces a Turning Point

Makarov highlights that unclear rules drive crypto into the informal sector. When authorities don’t provide a legal framework, projects will operate in a grey economy. He points out that this trend raises stakes for both firms and the state.

He calls for a clear, predictable regulatory framework. Entrepreneurs need to see a path to legal operation, proper tax payment, and business growth.

Andrew brings up the state’s AI sandbox initiative as a model to scale for crypto. By allowing firms to experiment in a controlled but realistic environment, Ukraine can avoid pushing innovators into the informal economy and maintain market oversight.

Incrypted Speakers: Substance Beats Status

Makarov refuses to play favorites. When questioned about his preferred speaker, he answers clearly: names don’t matter. The essential point is the value they deliver to the audience. 

Andrii Makarov: “I can’t single anyone out. Some bring insights, some bring energy, some bring accuracy, some bring charisma, and we thank them all.”

Lineups always differ, regardless of the event. Andrew evaluates each talk on its merits and message’s significance, never on the speaker’s reputation.

What’s Next for Incrypted in 2025–2026

Makarov notes that the team intends to keep forging ahead. They concentrate on three fronts: the conference itself, media channels, and community-building. This approach avoids radical pivots or untested formats. It focuses on steady expansion of existing assets.

Andrew refrains from grand proclamations and emphasizes that the course is well-defined. Everything Incrypted does follows the core idea they embedded at the start: build in a structured way, anchored in the local market and community.

What Drives Makarov: No “Rock Stars,” Only Actions

When the question of a personal hero arises, Makarov replies he has none in the crypto world. He avoids focusing on names. He observes the market at large – its rhythms, innovations, and evolving products. For him, inspiration arises from the flow of progress itself.

This perspective mirrors Peter Todd’s stance (we had the chance to discuss this at Incrypted Conference). Todd insists that we should prioritize technologies over personalities. Andrew resonates with the belief that anyone contributing to crypto becomes part of the shared “Satoshi” narrative. It’s the work that matters.

Related: The Man Who Might Be Satoshi: An Exclusive Interview with Peter Todd

This is a no-idol philosophy. The ecosystem shapes itself through collective effort, not celebrity figures. That is the genuine inspiration.