Lawmakers around the world have long been allergic to cryptocurrency. On the one hand, you can't touch it, and on the other, you can't tax it in a way that everyone pays for. Ukraine has decided to keep up and is preparing to tighten the screws with all its might. But won't they twist our hands together with these "virtual assets"?
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Why does the state need to know what's in my wallet?
Formally, to combat money laundering, fraud, and terrorism. Really? Someone just wants crypto to stop being used to avoid taxes and buy "gray" goods. But, excuse me, if I buy coffee with USDT, is that terrorism or just fraud for now?
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"Declare or sit"
The new law on virtual assets effectively turns a private crypto wallet into a regular bank account. Now, if you haven't declared your tokens, you're a violator. And if you have, you can prepare yourself for questions: "Where did this come from? Was everything fair? And why didn't you pay tax on it?"
That's great, but there's a caveat: cryptocurrency is a tool of freedom. Who would want to declare it if the state itself doesn't protect your assets?
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Can this be controlled?
This is where things get interesting. To find your coins, the government has to:
1. Force crypto exchanges to share data — but their servers are not in Ukraine.
2. Track transactions — blockchain anonymity, although relative, still works.
3. Catching someone by the hand when you exchange crypto for cash is closer to reality, but catching everyone is unrealistic.
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What awaits cryptocurrency in Ukraine?
Black market.
If everything is heavily regulated, the volume of p2p transactions on Telegram will simply explode. Welcome to the era of the digital underground!
Decreased interest.
Investors and activists who see crypto as a symbol of freedom will start looking for ways to circumvent all these regulations.
Tax expenses.
If you have to pay 23% tax on each transaction, only the most desperate will use cryptocurrency in Ukraine.
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What should Ukrainians do?
To be honest, the options aren't very fun:
1. Listen to the legislators and play by their rules. This is for those who like to play roulette with the question: "Isn't the tax audit coming tomorrow?"
2. Switch to decentralized solutions. Store assets on non-custodial wallets, use anonymous cryptocurrencies, exchange crypto via p2p.
3. Emigration. Well, this is, of course, a joke (or is it?), But many are already seriously thinking about transferring their assets to crypto-friendly countries.
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Final: can we beat the state?
The state wants to regulate what was created to avoid regulation. Cryptocurrency is not just money, it is a philosophy of freedom. And if regulators think they will change the rules of the game, then perhaps they should remember: the best innovations are always created where there are no shackles.
So, Ukrainians, get ready for a new era: the era of crypto resistance!
