Avni Patel
01-03-2025
Ukraine is working on new rules for cryptocurrencies. The country has been quick to adopt crypto, but unclear laws have made things difficult for businesses and regular users. This new bill is meant to fix that by setting clear guidelines.
Danylo Hetmantsev, who leads Ukraine’s finance committee, says the first vote on the bill could happen by late March, with another vote soon after. If everything goes as planned, the law might start working by mid-2025, but some experts think it could take until 2026 to fully roll out. Just like this Recently South Korea strengthened crypto tax regulation but it faced strong opposition to its crypto tax, ended up delaying it until 2027. Will Ukraine face the same challenge?"
The biggest issue surrounding the bill is taxation. Lawmakers are considering two main options:
A low tax rate of 5-10% to encourage investment and growth.
A standard tax rate of 23% (18% personal income tax plus a 5% military levy), similar to stock market taxation.
Many in Ukraine’s crypto industry support the lower rate, fearing that higher taxes could drive investors to offshore platforms. Taras Kozak, a member of Ukraine’s securities regulator advisory group, argues that while all citizens should pay taxes, a smaller rate would help foster innovation and support the economy.
Well if we look at other countries all have very different approaches towards crypto tax, India crypto tax, for example, there’s 30% tax on crypto income under its Finance Act of 2022.
Ukraine has been a key player in the crypto space, especially since 2022, when digital assets supported the country during tough times. Many people and businesses use crypto, but unclear laws have made it risky. While Ukraine acknowledged crypto as legal in 2021, the law was delayed to align with EU rules.
This new bill establishes defined regulations which both stop fraud and prevent money laundering activities to improve investor safety and market attractiveness. However, concerns remain that high taxes could drive users to lower-tax countries, and delays in regulation might hurt Ukraine’s appeal to foreign investors.
Some see Ukraine’s plan as progress, while others fear strict rules may drive crypto businesses away.
One thing is clear: Ukraine’s decision on crypto taxes will shape the future of the industry in the country. If lawmakers find the right balance, Ukraine could become a leader in the crypto world. If not, users might look for friendlier markets elsewhere.
Ukraine is working to make crypto legal, but it’s not easy. Lawmakers need to find rules that help businesses and investors while keeping things fair.
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