The Rada took a step towards legalizing cryptocurrency
Kyiv • UNN
The Verkhovna Rada supported in the first reading the draft law on the legalization of virtual assets. The document provides for the taxation of profits from crypto operations.
The Verkhovna Rada voted in the first reading for the draft law on the legalization of virtual assets. This was reported by MP Yaroslav Zheleznyak, according to UNN.
The Rada voted in the first reading for #10225-d – the legalization of the virtual assets (crypto) market in Ukraine and the definition of rules for their taxation. For the basis – 246
The MP noted that the draft law will undergo many changes before the second reading.
P.S. General taxes will apply (18+5%) on profit, and for the first year, there will be a preferential rate of 5% on conversion to fiat in the first year. Who the regulator will be (NBU or NSSMC) is still unknown
Addition
The draft law on cryptocurrency legalization was submitted to the Verkhovna Rada in November 2023 under number №10225. In April of this year, the main committee – the Committee on Finance, Tax and Customs Policy – recommended that parliament adopt the revised draft law – №10225-d – in the first reading as a basis.
In April, Ruslan Magomedov, head of the National Securities and Stock Market Commission, noted in a comment to UNN that the NSSMC, together with the NBU, are working on the document to protect investors.
The National Bank of Ukraine supports the new draft law on the regulation of crypto-asset circulation, but has a number of comments.
Addendum
Earlier, fintech expert and co-founder of Ukraine's first fintech ecosystem Concord Fintech Solutions, Olena Sosiedka, told UNN that the legalization of cryptocurrencies in Ukraine is beneficial for both the state and businesses. Firstly, it protects the rights of users and investors, 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.
According to her, clear transparent taxation rules and simplified cryptocurrency declaration 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, however, will ensure transparency, investor protection, and the trust of international partners.