Ukrainian People's Deputy: Taxation of Cryptocurrencies May Be Considered After the War
Date: 2024-07-01 Author: Gabriel Deangelo Categories: IN WORLD
Shifting Taxation of Cryptocurrencies
In Ukraine, the issue of taxation of cryptocurrencies and other virtual assets may be postponed until the end of the war. This was announced by People's Deputy of the Verkhovna Rada Yaroslav Zheleznyak, pointing out possible changes in legislative priorities.
Zheleznyak noted that the draft law on the legalization of cryptocurrencies, developed by the National Securities and Stock Market Commission (NCSM) and the National Bank of Ukraine with the participation of the International Monetary Fund (IMF), is planned to be submitted by the end of December 2024. The move is part of a broader initiative to create a legal framework to regulate the cryptocurrency sector in Ukraine.
IMF Call for Law Update
In March 2024, the International Monetary Fund called on Ukraine to update the relevant law on virtual assets. This call highlights the need to modernize existing legislation in line with international standards and practices.
The editors of Incrypted asked for clarification from the Ministry of Digital Transformation of Ukraine and the representative of the National Securities Market Commission Yuriy Boyko. At the time of publication, no comments were provided on Zheleznyak’s statement. However, Yuri Boyko subsequently noted that he did not know what exactly Zheleznyak meant when he spoke about the possible transfer of taxation to the post-war period.
Work on Bills on Crypto Assets
The National Securities and Stock Market Commission and the Ministry of Digital Development of Ukraine continue to work on draft laws on cryptoassets. Yuriy Boyko emphasized that the exact timing of the development and adoption of the new bill will depend on how quickly the regulator can receive and work on the IMF’s recommendations. This process requires careful preparation and coordination of all legal and economic aspects.
Thus, despite temporary uncertainties, Ukraine continues to work on creating a comprehensive legal framework for regulating the cryptocurrency sector. It is expected that new legislation will help bring cryptocurrencies out of the shadows and create transparent conditions for their use in the country, which, in turn, will contribute to the development of the digital economy.
