Ukraine All Set To Legalize Crypto In 2025 Without Tax Exemptions

Based on the most recent growth, Ukraine is on the verge of legalizing cryptocurrency within the first quarter of 2025. Nonetheless, whereas the nation goals to control the sector, it’s unlikely to supply tax exemptions for cryptocurrency transactions.

Danylo Hetmantsev, head of the Ukrainian Parliamentary Committee on Finance, Taxation and Customs Coverage, famous {that a} parliamentary working group is finishing the primary studying of a draft legislation on cryptocurrency. He expressed confidence that the textual content, developed in collaboration with the Nationwide Financial institution and the Worldwide Financial Fund (IMF), can be prepared shortly after the brand new yr. They purpose to move this laws in early 2025 and legalize cryptocurrency.

Hetmantsev famous that there can be no tax exemptions for cryptocurrency. Taxation will observe the mannequin used for securities, the place positive aspects are taxed when belongings are transformed into foreign money.

Hetmantsev defined that after session with European specialists and the IMF, they’re taking a really cautious strategy in utilizing cryptocurrencies for tax exemptions as this might probably result in tax evasion in conventional markets.

Notably, in November 2023, a draft legislation on the specifics of taxing transactions involving digital belongings was registered within the Ukrainian parliament. The approval of this doc marks the ultimate step in the direction of the legalization of cryptocurrencies in Ukraine.