Ukraine is one of the top countries in the world in terms of the number of cryptocurrency users, but its official circulation is still not regulated. The absence of legislation prevents the receipt of significant tax funds to the budget.
What will require legalization?
In 2022, the Verkhovna Rada adopted the law "On Virtual Assets", but it has not yet come into effect. The reason is the latest changes in the tax code. As a result, cryptocurrency is used through informal channels, which makes it impossible for the state to control this market.
What will change in 2024?
The Ministry of Digital Transformation, together with the Verkhovna Rada, is working on the implementation of legislation that will allow the official circulation of cryptocurrency as early as next year. The main unresolved situation of % tax rates:
The state insists on a standard rate of 18% for cryptocurrency income.
Experts suggest a grace period with reduced rates to help the market grow.
The International Monetary Fund (IMF) requires Ukraine to adopt these changes by the end of 2024, so the time for discussion is limited.
Why is this important?
Legalization of cryptocurrency not only opens up new opportunities for citizens, but also allows:
Increase income to the budget.
Protect user rights.
To make the market more transparent and attractive for investments.
However, the success of this process depends on balanced decisions in tax policy and the creation of favorable conditions for the industry.
Ukraine has every chance to become the world center of cryptocurrencies, if a compromise can be found between the state and market participants.
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