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Ukraine aims to legalize cryptocurrency in 2025
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Ukraine is on track to legalize cryptocurrencies and a bill could be passed in 2025. The regulation will address the taxation of digital assets. But this rate will only apply when the investor converts the resources into legal currency.
Despite expectations of increased revenue for the government, the chances of tax exemptions are considered low. This is because they could encourage tax evasion. The topic returns to the agenda of public debate one year after the presentation of a bill was presented in the Ukrainian Parliament.
The announcement came from the head of the Ukrainian Parliament’s Committee on Finance, Taxes and Customs Policy, Danylo Hetmantsev, during the Domestic Investment Opportunities forum, held by the newspaper Pravda, the source of the news.
Danylo Hetmantsev said the bill is expected to receive approval by the first quarter of next year. The bill that will regulate the cryptocurrency sector in the country is being developed in collaboration with the National Bank of Ukraine and the International Monetary Fund (IMF).
Regulation with taxation and without exemption
A theme highlighted during his speech was the taxation. Whenever we talk about cryptocurrency regulation, taxes gain attention. This occurs because of the volatility of digital assets. Investors fear having to pay taxes on any appreciation. The representative of the Ukrainian parliament, however, made a point of clarifying that the Taxation will only be due when the asset is converted into legal currency.
The parliament representative made it clear that the chances of there being tax exemptions for investments in cryptocurrencies are very low. According to the Kiev spokesman, Establishing tax exemptions for digital assets can ease the path to tax evasion. Hetmantsev also mentioned that consultations with European experts and the IMF influenced the decision to regulate the sector without offering tax exemption, a common practice in the country to attract investors.
By regulating the cryptocurrency sector, parliament hopes to increase revenue in the country that is at war with neighboring Russia. Lawmakers keep an eye on Chainalysis report of October. The survey showed that in Eastern Europe, the easternmost part of the continent and where Ukraine is located, cryptocurrencies generated around US$499 billion between July 2023 and July 2024. Ukraine was the second preferred destination for cryptocurrency investors, receiving US$106.1 billion.
The formal demonstration on the legalization of cryptocurrencies in the country takes place almost a year after the presentation of a bill on the same time in the country’s parliament. The measure could have a significant impact on the country’s financial market, helping to stimulate the economy in a war scenario.
Ukraine aims to legalize cryptocurrency in 2025
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Ukraine aims to legalize cryptocurrency in 2025
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Ukraine aims to legalize cryptocurrency in 2025
