No Tax Breaks on Crypto Assets.

The legislation on cryptocurrency taxation has already taken a significant step forward. In November 2023, a draft law on taxing virtual asset transactions was registered in the Ukrainian parliament. The adoption of this law is expected to be the final step toward fully legalizing cryptocurrencies in the country.

Meanwhile, other countries like Russia and South Korea are taking different approaches to crypto taxation. South Korea recently announced differing taxation on crypto assets for another two years, citing the need to refine the legislation further.

Last month, Russian President Vladimir Putin approved a law that treats crypto assets as property. The new law also exempts the mining and sale of crypto from VAT.

Income from mining will be taxed as in-kind income. At the same time, transactions involving digital currency are subject to a two-tier tax rate: 13% for earnings up to 2.4 million rubles, while 15% applies for incoming above this threshold.

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