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The Ukrainian authorities decided to impose a tax on cryptocurrencies, although the official status of electronic assets in Ukraine has not yet been settled. One of these days a corresponding bill has arrived to the Ukrainian parliament.

This document, registered on September 14, has been filed by a team of 23 deputies. Authors of the bill describe its goals to be removing a large volume of operations with cryptocurrencies from the shadow, replenishing the state budget of Ukraine, and stimulating the development of virtual assets market in the country. In particular, the deputies propose to impose a tax of 5% on the profits of individuals from transactions with virtual assets.

They also propose to tax the profit of enterprises from such operations at a rate of 5% till January 1, 2024. However, after this date, the rate should increase immediately to 18%. An exception is the profit from operations with asset tokens that certify the rights to the goods. The tax rate is applied differently than to the profit from operations with virtual assets.

Ukraine Returns To Crypto Discussion

WHY IS IT IMPORTANT?

  • The bill pursues several objectives at once. Its authors plan to withdraw a large volume of transactions from the shadow market. Also, the state budget of Ukraine will benefit due to a source of taxation on a cardinally new type of income by individuals and legal entities. According to the authors of the document, introducing the operations with virtual assets into the legal field will allow to attract additional $45 million (UAH 1.27 billion) to the budget annually in the years 2019-2024.
  • It is worth noting that the government of Ukraine has not yet definitely decided what cryptocurrencies are and how to regulate transactions with them. However, earlier a number of people's deputies proposed to the Ukrainian parliament to legalize the turnover of crypto in Ukraine, having registered several bills. However, the local regulator refused to support these bills in the form in which they were filed.
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