Ukraine plans to legalize cryptocurrency in early 2025. The National Bank, together with the IMF, is developing a corresponding bill, which provides for standard taxation without benefits.
Legalization of cryptocurrency
Plans for 2025
Daniil Getmantsev, who heads the Verkhovna Rada Committee on Finance, Tax and Customs Policy, announced his intention to legalize cryptocurrency in Ukraine. This is expected to happen in the first half of 2025.
Development of the bill
Currently, the National Bank of Ukraine, in cooperation with the International Monetary Fund, is finalizing the relevant bill. Getmantsev noted that the official conclusion of IMF experts on this document will soon be received.
Taxation of cryptocurrency
The deputy emphasized that one should not expect any tax benefits for transactions with cryptocurrency. It is planned to apply a regular taxation model similar to that used for securities transactions. Investment income will be taxed.
Background to the question
It is worth recalling that in 2021 the Verkhovna Rada already adopted bill No. 3637 “On virtual assets”. However, it did not come into force due to the need to amend the Tax Code and the presidential veto. During martial law, attempts to change tax laws were unsuccessful.
European experience
After the European Union approved the regulation of virtual assets MiCA, work on the bill resumed in Ukraine. Last June, the National Securities and Stock Market Commission presented a draft law on the taxation of crypto assets, based on European experience.
Taxation proposals
According to the presented document, it was proposed to establish a tax on profits from activities in the crypto market in the amount of 18% and a military fee of 1.5%. However, Getmantsev did not specify whether we are talking about this project or a new document.
Glossary
- Verkhovna Rada of Ukraine, the highest legislative body of the country
- IMF - International Monetary Fund, international financial organization
- National Bank - National Bank of Ukraine, the central bank of the country
- NSMSC - National Commission on Securities and Stock Market, securities market regulator
- MiCA - Markets in Crypto-Assets, EU regulation on regulation of crypto assets
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Answers to questions
When is it planned to legalize cryptocurrency in Ukraine?
Who is developing the cryptocurrency bill?
What taxation is planned for cryptocurrency transactions?
What attempts have been made to legalize cryptocurrency before?
What proposals for the taxation of crypto assets have been presented previously?
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Discussion of the topic – Legalization of cryptocurrency in Ukraine: a new era of digital finance from 2025
Daniil Getmantsev, Chairman of the Verkhovna Rada Committee on Finance, announced plans to legalize cryptocurrency in Ukraine in the first half of 2025. Work is underway on a corresponding bill.
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Elena
Wow, this is interesting! The legalization of cryptocurrency in Ukraine may open up new opportunities for investment. I wonder how this will affect the country's economy? 🤔
Hans
Yes, Elena, this could be a breakthrough for Ukraine. But I am concerned about the security issue. How does the government plan to protect investors from fraud?
Sophie
Hans, I agree, safety is a key issue. But equally important, how will this affect the hryvnia exchange rate? I hope the NBU will take into account all the risks 💱
Giovanni
Guys, don’t you think that this can attract foreign investors? Ukraine can become a new crypto hub in Europe! 🚀
Victor
All this fuss about cryptocurrencies is a waste of time. It would be better to get involved in the real economy, rather than virtual bubbles. This will not bring any benefit to the country.
Maria
Victor, I disagree. Cryptocurrencies are the future of finance. Ukraine is taking the right step to keep up with global trends. The main thing is competent regulation 👍
Aleksander
Maria is right. But I'm wondering how this will affect ordinary citizens? Will cryptocurrency be available to everyone or only major players? 🧐
Elena
Alexander, good question! I hope that the bill will take into account the interests of all segments of the population. It would be great if cryptocurrency became an accessible tool for every Ukrainian 💪