The Ukrainian crypto community froze in anticipation: will they allow their virtual assets to be legalized, or will they have to play "hide and seek" with the state in the future? According to the new draft laws, the adoption of the law on virtual assets promises to bring order to the crypto market. But who dares to bring the key to a wallet with several tens of thousands of dollars worth of marbles to the tax office?
Legalization: surgery without anesthesia
Officials promise that the law will protect the rights of cryptocurrency owners and stimulate market development. Imagine: your bitcoins are now not "on the underground market", but under the supervision of the NBU and the National Securities Commission. Cool, right? The problem is different: tax rates for crypto owners look like a quest with a "hardcore" level.
For individuals, it is 18% income tax + 5% military levy. Business activities will also be taxed at 18%, but they promise to be exempt from VAT. An alternative from the Ministry of Digital: "concessional" 5% in the first three years. But don't be in a hurry to rejoice, because after 8 years, the same 18% will "fit" you in the same way.
Amnesty or a dream?
Is crypto-amnesty possible, as in some countries? In today's reality, most likely not. Officials fear that legalization without control will become a "laundry" for shadow capital. But ask any Ukrainian: "What about the $4 billion of crypto that is already on hand?" The answer is simple - people will continue to keep them in "gray zones".
Realities after legalization
The state seeks to create a "snow-white" market with transparent operations. But what do crypto enthusiasts get? Increased attention from the tax authorities, the risk of "system errors" and new rules of the game. As Mykhailo Chobanyan noted, the main problems are not in the law, but in its implementation: "Laws in Ukraine do not work very well without proper regulations."
What's next?
If you're hoping for a crypto amnesty or some kind of "relaxation", don't count on it. The best option is to follow the development of legislation, adapt your strategies and not hope that the state will give you a "golden ticket".
Because in Ukraine, as always, the main principle is: "Everything will be legal, but you definitely won't like it!"
