February 21, 2024

Ukraine has published a guide to declaring cryptocurrencies

Ukraine has published a guide to declaring cryptocurrencies

The Ukrainian National Agency for the Prevention of Corruption (NACP) has established a declaration procedurecryptocurrency assets.

According to NACP guidelines, cryptocurrency indeclarations are now regarded as an “intangible asset”. Now, citizens must write in the declaration the name of the crypto asset, its quantity, the date of purchase and the value of each coin at the time of filing the declaration.

The document states:

Cryptocurrency – this is a digital representationvalue or unit of account that is not legal tender in any jurisdiction. Thus, cryptocurrency can be used for transfers, trading, or for payments and investments. 

In Ukraine, income declarations must be submittedpoliticians, officials, citizens with foreign income and self-employed professionals who are not registered as private entrepreneurs. 

Some Ukrainian officials have previously filedinformation about your crypto accounts. People's Deputy Dmitry Golubov declared 4,376 BTC at the end of 2016, which at current prices is $38.8 million. Deputy of the Odessa City Council Dmitry Palpatine declared bitcoins worth 3.5 billion hryvnia, leading the top 10 crypto holders in the country. Kyiv City Council deputy Sergei Maizel contributed 11.1 million hryvnia in Bitcoin and 3.8 million hryvnia in Ethereum to the declaration.