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UKRAINE SET TO LEGALIZE CRYPTO BY 2025 UNDER STRICT REGULATIONS

Ukraine is poised to legalize cryptocurrencies by early 2025, with a focus on strict regulations to ensure financial stability and prevent tax evasion.

The country's parliament is currently finalizing a draft law, developed in collaboration with the National Bank of Ukraine and the International Monetary Fund (IMF), which will regulate digital asset transactions.

The legislation will tax crypto profits similarly to securities, with taxes applied when assets are converted into fiat currencies. Unfortunately, this means no tax benefits for cryptocurrencies. The cautious approach to taxation aims to prevent tax evasion in traditional markets.

Legalizing cryptocurrencies in Ukraine could provide a regulated means for Ukrainians to access financial support, protect their assets from inflation, and facilitate cross-border transactions without relying on traditional banking systems. This move could also position Ukraine as a potential hub for regulated digital asset trading in Eastern Europe.