Cryptocurrency in Ukraine is like a favorite game of officials: they don't know exactly how to play it, but they really want to take all the prizes. The tax office has already brought its "virtual shovels" to the crypto field to dig wherever it falls, even if there are no treasures there. Let's figure out what awaits us if cryptocurrency becomes the main source of budget in Ukraine.
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Tax and crypto: who will outsmart whom?
Officials dream of making cryptocurrency "visible." Declare your assets, pay taxes, and everything will be fine, right? But only in a world where transactions can be anonymized via Tornado Cash and wallets have "pseudonyms" does the tax office play on a field where most of the rules are written after the game.
Even if the law on virtual assets gains momentum, the question is: how do you prove that that $20,000 Bitcoin belongs to you? You could simply "forget" your wallet password. It doesn't happen to anyone!
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Fiscal fantasy or reality?
Did you know that cryptocurrency assets are planned to be taxed at the standard rate: 18% profit plus 1.5% military levy? The problem is that for this to happen, crypto transactions need to be recognized as legal. But how can this be done if half of the trading is conducted through P2P platforms, where no bank knows what is happening?
Now imagine that you bought Bitcoin in 2017 for $1,000 and sold it in 2025 for $100,000. You have to give the government over $19,000. Sounds like another incentive to keep your "keys" away from the eyes of the taxman.
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Technology vs. Technology
The state wants to implement automated transaction monitoring through blockchain analytics. But that won't stop those who know how to use Monero or Zcash, cryptocurrencies that simply laugh at any oversight.
Moreover, once serious checks begin, the crypto community will respond with heated discussions in Telegram channels, new methods of anonymization, and a large-scale transition to offshore platforms.
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Conclusion: is the game worth the candle?
State regulation of cryptocurrencies is undoubtedly the right step. But it is naive to think that Ukrainians will suddenly start declaring their assets. Who will risk freedom and privacy if the price is tens of thousands of dollars in taxes?
So while officials dream of new revenue for the budget, crypto enthusiasts are learning new ways to circumvent the system. And it seems that the one who has a better understanding of how the digital world works will win. What do you think? Does the tax office have a chance to cope with cryptocurrency anarchy?
