Ukrainian legislators are reportedly likely to approve a proposed law that will legalize cryptocurrency in the country.
Citing a statement from Danylo Hetmantsev, chairman of the unicameral parliament Verkhovna Rada’s Financial, Tax and Customs Policy Committee, the Ukrainian online newspaper Epravda reports there is a high probability that Ukraine will legalize cryptocurrency in the first quarter of 2025.
Says Hetmantsev,
“If we talk about cryptocurrency, the working group is completing the preparation of the relevant bill for the first reading. I think that the text together with the National Bank and the IMF will be after the New Year and in the first quarter we will pass this bill, legalize cryptocurrency.”
But Hetmantsev says cryptocurrency transactions will not enjoy tax benefits. The government will tax profits from asset conversions according to the securities model.
“In consultation with European experts and the IMF, we are very cautious about the use of cryptocurrencies with tax benefits, as an opportunity to avoid taxation in traditional markets.”
The development comes amid Russia’s ongoing invasion of Ukraine. Earlier this year, Russian lawmakers passed a bill to enable the use of cryptocurrency in international trade as the nation faces Western sanctions, causing payment delays that affect supply chains and costs.
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