In Parliament, the sole legislative authority in Ukraine registered the bill, which introduces the taxation of transactions related to the cryptocurrency assets.
On the document were 23 deputies. According to the text of the bill, all individuals and legal entities in Ukraine will have to pay five percent of revenues received for operations with the digital asset, which means crypto-currencies and tokens. In 2024, the same rate should rise to 18 percent, and thus to be equalized with the tax rate on personal income.
The tasks that will have to comply with the new law — to withdraw a large volume of transactions from the informal market to replenish the state budget and contribute to the development of cryptocurrency market in the country. However, exactly how taxation can contribute to the process in the text of the bill is not explained.
As stated in the explanatory note to the document, the authorities assess the amount of funds in cryptocurrency and other digital assets owned by citizens of Ukraine, at 98.7 billion ($3.5 billion). Deputies estimated that taxation of digital assets to bring in a budget every year to 1.27 billion (approximately $45 million). And it is only at the rate of 5% in the period from 2019 to 2024.
While the cryptocurrency sphere in Ukraine has no legislative control. However last fall, the financial stability Board when the Parliament tried to define the legal status of digital currencies, including bitcoin (BTC). Already in the spring of this year, the head of the National Commission on securities and stock market (NCCPH) Ukraine Timur Limp announced the decision of government authority to define cryptocurrency as a financial instrument. While Limp also acknowledged that the legal recognition of cryptocurrencies is necessary.
In June, the State service of special communication and information protection of Ukraine decided not to introduce licenses for mining, leaving the activity outside the legal field.
