Another country recognizes the legalization of cryptocurrency

Source: Danilo Hetmantsev, Chairman of the Parliamentary Committee on Finance, Taxation and Customs Policy of Ukraine, speaking at the Domestic Investment Opportunities Forum in the Economic Truth Newspaper.

Quote: "If we talk about cryptocurrency, the [parliament] working group is finalizing a draft law for its first reading. I believe that the text prepared in cooperation with the national bank and the International Monetary Fund will be ready after the New Year. Our goal is to pass this law and legalize cryptocurrency in the first quarter of [2025]," he said.

Hetmantsev noted that cryptocurrency will not be tax-exempt. Taxation will follow the model of securities, and profits will be taxed when the assets are converted into currency.

Quote: Hetmantsev explained: "After consultations with European experts and the International Monetary Fund, we have taken a very cautious approach to tax exemption for the use of cryptocurrency because it could facilitate tax evasion in traditional markets."