The bill on cryptocurrency taxation will not be prepared for the second reading anytime soon, as it requires serious revision. This opinion was expressed in an exclusive comment to UNN by Yaroslav Zheleznyak, the first deputy head of the Verkhovna Rada of Ukraine Committee on Finance, Tax, and Customs Policy.
On September 3, the Verkhovna Rada supported in the first reading a bill that provides for the legalization of virtual assets. The bill 10225-d "On Amendments to the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine Regarding the Regulation of Virtual Assets in Ukraine" was voted for in the first reading by 246 people's deputies. According to Yaroslav Zheleznyak, the document provides for profit taxation at a rate of 18+5%, and for the first year, a preferential rate of 5% on fiat withdrawal will apply. Who will regulate the cryptocurrency market is unknown.
According to him, the bill needs serious revision.
I think the second reading (preparation for the second reading – ed.) will take a long time. But how long, no one understands yet
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Earlier, fintech expert and co-founder of the first fintech ecosystem in Ukraine, Concord Fintech Solutions, Olena Sosiedka, told UNN in a comment that the legalization of cryptocurrencies in Ukraine is beneficial for both the state and businesses. Firstly, it protects users' and investors' rights, attracts capital, and creates new jobs. Secondly, the state will be able to receive additional tens of billions of hryvnias in tax revenues annually — funds that can go to defense, social programs, and reconstruction.
Clear and transparent rules for taxation and simplified declaration of cryptocurrencies, according to her, will stimulate businesses to come out of the shadows and make Ukraine a financial hub of Eastern Europe.
According to the fintech expert, the adoption of the cryptocurrency bill will be a historic step, as the market currently exists without regulation, and the state is losing huge resources. Regulation will ensure transparency, investor protection, and the trust of international partners.