Tax bill on cryptocurrency transactions submitted to Verkhovna Rada

On 7 November, in the Verkhovna Rada of Ukraine was submitted a bill regulating the taxation of cryptocurrency operations in the country.

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Alongside it, for consideration by the parliamentary leadership, the updated version of the law \”On Virtual Assets\” incorporating the MiCA provisions of the European regulation, as well as related bills amending various regulatory acts, were submitted.

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The date of the first reading will be scheduled later, after the documents pass through the relevant committees and the Verkhovna Rada’s Scientific Expert Office issues conclusions.

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As noted, adopted in September 2021 law \”On Virtual Assets\” will not come into force until changes are made to Ukraine’s Tax Code.

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Due to the absence of a regulatory framework, cryptocurrency exchanges are not paying taxes in the country yet. In early June НКЦБФР presented a draft law. It proposes a rate of 18%.

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Earlier, in the Bureau of Economic Security, it was calculated that over ten years the Ukrainian budget lost at least 3 billion hryvnias (about $81 million) in taxes from the activity of local cryptocurrency exchanges.