Ukraine to legalize cryptocurrency: new laws already in development
Date: 2024-12-13 Author: Henry Casey Categories: IN WORLD
Ukraine is preparing for the official legalization of cryptocurrencies. The bill regulating the digital asset market is in the final stages of development and will be submitted to the Verkhovna Rada for consideration immediately after the New Year holidays. This was announced by the head of the parliamentary tax committee, Danylo Getmantsev, in an interview with Ekonomichna Pravda.
According to Getmantsev, the working group, with the support of the National Bank and the IMF, is actively finalizing the text of the bill. The document is expected to be adopted in the first quarter of 2025. “We are completing consultations and after the holidays we will present a bill that will legalize cryptocurrency in Ukraine,” the official emphasized.
However, crypto market participants should not count on tax breaks. All transactions with digital assets will be taxed in the same way as securities, especially when exchanging them for fiat currency.
"We take a cautious approach to cryptocurrency taxation to avoid abuse and tax evasion. Consultations with European experts and the IMF confirmed the need for strict regulation in this area," Getmantsev added.
In November 2023, a bill was registered in the Verkhovna Rada that defines the rules for taxing transactions with virtual assets. This document will be the final step in creating a legal framework for working with cryptocurrencies in Ukraine.
The bill sets out the requirements for crypto companies operating in the country and the procedure for taxing transactions with digital assets. The adoption of clear regulatory standards will allow Ukrainian entrepreneurs and investors to safely work with cryptocurrencies, which will have a positive impact on the development of the digital economy.
Despite the significance of this step, the lack of tax incentives may become an obstacle to attracting crypto startups and investors who are looking for favorable conditions for doing business.
Earlier it became known that Ukraine is among the leading countries in terms of the number of bitcoins owned by government agencies. According to sources, the country's government owns 642 BTC.
