According to the draft law shown to public on September 14, soon government will oblige people to pay tax for any operations with cryptocurrencies.
The following bill was offered and supported by 23 government representatives and it says that both physical parties and legal entities will have to pay a 5% tax for operations with digital currencies.
Trading Economics reports that since January 1, 2024, this tax will be increased to 18% that is equal to the basic rate of both corporate and personal state income tax.
The main problem connected with cryptos is the presence of gray market with a huge number of operations. The goals of the bill are to increase state budget revenues in this way and develop a legal crypto-related industry in Ukraine. The reasons for that were mentioned in the note attached to the bill, it may be possible to increase a Ukrainian budget by 1.27 billion hryvnia ($43 million) every year by 2024.
Nowadays, there is no legal regulation of crypto market in Ukraine. However, the first steps to this have been made by the Cabinet of Ministers on the Financial Stability Board in September 2017. The state organ turned to the Ukrainian Government with the request to offer the determination of the legal status of BitCoin and other popular digital coins.
According to the announcement of Timur Khromaev, a representative of the National Securities and Stock Market Commission of Ukraine, in May 2018, cryptocurrencies will be soon recognized as an important financial instrument by the co mission. He emphasized the necessity of legal recognition, and in two months this fact has received a support of the Financial Stability Council.
At the same time, the State Service for Special Communication and Information Protection of Ukraine made a report in July that there weren’t any plans of regulation coin mining in the country because of the absence of its legal status and unknown circumstances how authorities will react to that.