June 18, 2024

Ukraine is considering a law on taxation of cryptocurrencies

Ukraine is considering a law on taxation of cryptocurrencies

A draft law that will regulate the taxation of transactions with cryptocurrency assets onterritory of Ukraine, submitted to the Verkhovna Rada for consideration. This was reported by one of the co-authors of the document, the head of the inter-factional association Blockchain4Ukraine Alexey Zhmerenetsky.

The document enshrines it in the legislative fieldthe terms “virtual asset”, “crypto asset”, “crypto asset transaction”, “distributed ledger”, “token” and “token asset”. In particular, a virtual asset is defined as property and is divided into crypto-assets (without the right of claim) and token assets (with the right of claim).

“The object of taxation is profit fromoperations with crypto assets, which is defined as the positive difference between the income received from the sale of crypto assets and the costs associated with their acquisition and / or mining ”, - the text of the bill says.

The financial result for operations with crypto assets is determined separately from the financial result for other activities of the taxpayer.

For individuals, income from operations with crypto assets is taxed at a rate of 5%. So far, the personal income tax rate for individuals in Ukraine is 18%.

In this case, the sale of crypto assets will not be subject to value added tax.

The rate on cryptocurrency transactions for legal entities remains at the level of 18%.

Let us recall that in early November deputies of the SupremeThe Rada adopted in the first reading a bill on the implementation of FATF standards to combat money laundering and the financing of terrorism, which in the future will be applied, including in the regulation of the cryptocurrency market.