The Verkhovna Rada of Ukraine will consider this week bill No. 9083-1 on amendments to the Tax code that would exempt market participants cryptocurrency tax until the end of 2029. About it reports RBC-Ukraine.

The initiator of the bill is Yuri Derevyanko representing the party “movement novih forces.” In the Verkhovna Rada Derevyanko is an independent member.

According to the Deputy, in addition to tax breaks, the bill also includes a definition of “token”, “cryptocurrency”, “the Issuer of the virtual asset”, “mining”, “operations with virtual currency,” etc. Also the MP believes that the new rule will create the conditions for rapid market growth and investment.

It is also proposed to introduce a moratorium on the accrual of taxes on mining hardware. For example, it should not be subject to import duties and value added tax when selling in the domestic market.

“The bill exempts market participants cryptocurrency from taxation until 31 December 2029 and defines cryptocurrency as a non-tangible digital asset that defines units of value, direct the ownership of which is fixed according to the entries in the distribution register of transactions (the blockchain)” — said Derevianko.

Mining is defined as the activities of data processing, aimed at ensuring the functioning of a distributed registry of transactions (blockchain) for the purpose of receiving compensation in the form of units of virtual assets.

The project provides for the period to 31 December 2029, inclusive, with the aim of stimulating the development of the market of virtual assets in Ukraine to establish that the income of individuals and legal entities, received from transactions with virtual assets is exempt from any taxes.

“I believe that we need a moratorium for the next 10 years to the taxation of this sector. We need to organize and legalize this huge segment which is the locomotive of the new economy. These people — the creative class, which is now in internal exile. We must create the conditions for development and to bring them out of this exile”, — said Derevianko.

We will remind, earlier people’s Deputy Alexey mushak said that Ukraine until 2024 can impose a tax for individuals and legal persons to profit from crypto-currencies at the rate of 5%.