Ukraine aims to legalize cryptocurrency in the first quarter of 2025; however, the possibility of tax exemption for this sector still faces many challenges.
Danylo Hetmantsev, Chairman of the Committee on Finance, Tax, and Customs Policy of the Ukrainian Parliament, emphasized at the 'Domestic Investment Opportunities' forum organized by Ekonomichna Pravda that building an appropriate legal framework for cryptocurrency is an important step to attract investment and promote technological innovation, but the issue of tax exemption may not be on the current government's agenda.
"Regarding cryptocurrency, the parliamentary working group is finalizing the draft law for its first presentation. I believe this text, drafted with cooperation from the National Bank and the IMF, will be completed right after the New Year. We expect to pass the law and legalize cryptocurrency in the first quarter of 2025," Hetmantsev shared.
Danylo Hetmantsev
Hetmantsev also stressed that there will be no tax exemption policy for cryptocurrency. Taxation will be implemented according to the model applied to securities, specifically taxing profits only when the asset is converted into currency.
"In consultations with European experts and the IMF, we carefully considered and chose a cautious approach to tax exemption for cryptocurrency. This is to prevent the risk of abusing the tax exemption mechanism to evade taxes in traditional markets," he explained.
The draft law on tax policy for virtual asset transactions was submitted to the Ukrainian parliament in November 2023. The approval of this draft will mark the final step in the process of legalizing cryptocurrency in Ukraine.
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