Ukraine is a step closer to the cryptoring. The Verkhovna Rada is preparing for consideration by a bill that will officially determine the rules of circulation of virtual assets for the first time. The document has already been unanimously supported by the profile committee on finance, tax and customs policy, headed by Daniel Hetmantsev.
According to the new bill, virtual assets are defined as digital property that exists solely due to blockchain technology. It is not money in the classic sense, but digital objects similar to property - tokens, NFT, steiblcoins and more.
So far, cryptocurrencies in Ukraine remained in the "gray zone" - without legal status, protection of users and clear tax liabilities. According to Getmantsev, the situation was reminiscent of a "wild event", where users did not have legal guarantees.
The law will cover all who deal with crypto-from ordinary owners to professional traders, exchanges, storage services, token issuers and Fintech-startups. Exchanges and intermediaries will be obliged to identify customers (KYC) and report on transactions, but the state will not access private wallets of citizens.
For ordinary users, everything is simple: if there is a profit - you need to declare and pay taxes. Profit will be launched by PIT in 18% and a military levy in 1.5%. But if the asset is simply stored without sale or exchanged for another crypto - there will be no taxes. For assets acquired before the entry into force of the law, in 2026 the preferential rate of 5%is provided.
Fines are provided for shortage. The business will receive the adaptation period by 2029, during which the rules will be implemented gradually.
According to Global Ledger analysts, the state budget could receive more than $ 350 million in the period 2021-2024 if the market had been legalized earlier.
The new law opens the way to create full Ukrainian cryptocurrency. This can make Ukraine competitive in the world market and attract additional investments in IT and Fintech.
Due to the mandatory identification of users and control over cryptocurrency operations, it will no longer be able to be a convenient "gray zone" to withdraw funds or corruption schemes. The law is aimed at increasing transparency and trust in digital finances in Ukraine.
