The Ukrainian state has decided that it is time to curb the wild west of the cryptocurrency market. But what does it look like in reality? As always, in the best traditions there are many words, little action and complete detachment from practice.
What will change in the Tax Code:
1. Introduction of a new tax
"Article XX. Taxation of operations with virtual assets":
Income from the sale of cryptocurrencies will be subject to 18% income tax and 1.5% military levy.
The costs of purchasing a crypto can be taken into account, but only if there are official documents. That is, screenshots from the stock exchange or checks are your new friends. If the documents are "lost", get ready to give the state everything you earned.
2. Obligation to declare cryptocurrency
"Article XX. Declaration of virtual assets".
If your crypto portfolio exceeds the conditional UAH 400,000 (the exact amount is still being discussed), you must declare it every year.
Non-declaration or concealment – fines up to 50% of the value of assets. That is, if you "forgot" about your 1 BTC wallet, get ready to say goodbye to half of it.
3. Register of crypto wallets
The Cabinet of Ministers will launch a crypto wallet registration system. If you want to be legal, show your wallet. All data will be stored in the tax office, and banks and crypto exchanges will transfer information about users.
Anonymous wallets will become illegal.
Forgot to register? Fine - from 85 thousand. UAH
4. Financial monitoring of transactions
Resolution of the NBU on the control of crypto operations.
Transfers over 30,000 hryvnias will be checked to avoid "money laundering".
All suspicious operations, for example, buying a car for crypto, automatically fall into the field of view of the state.
5. Penalties for violations
For tax evasion: fines up to 50% of income.
Use of unregistered wallets: from UAH 85,000 to criminal liability, if the violation is significant.
What this means in practice:
The authorities want a "white" crypto market, but there is a nuance: cryptocurrencies were invented precisely to avoid state control. And if Ukrainians are offered a complex and unprofitable taxation system, the majority will simply hide in the shadows.
Miners will not be intimidated by any registry - they will move to villages where electricity is cheap and inspections do not arrive.
Fans of buying crypto on foreign exchanges will use VPN more actively to avoid leaving traces in Ukraine.
And cold wallets will become a fashionable accessory among crypto enthusiasts.
The irony of the situation:
The state, which still cannot cope with "salaries in envelopes", seems to be able to control a market built on decentralization and anonymity. But here, as always, instead of taxes, they will receive the creativity of Ukrainians who know how to circumvent any restrictions.
So, for now, all these changes are more like a bureaucratic marathon with loud announcements. And the cryptocurrency market in Ukraine, as before, will live according to its own, not always clear laws.
