Cryptocurrency Legalization Might Be Implemented by Ukraine Next Year - According to Gethmansev
In the latest scoop, the big boss of the parliamentary financial committee, Daniil Getmantsev, spilled the beans on a podcast. He confirmed that a bill to legalize and tax cryptocurrencies in Ukraine is in the pipeline, and it's all set to be wrapped up with the National Bank and the IMF by the end of this year.
As Getmantsev blabbered, he hinted that we could celebrate the legalization of crypto and appropriate taxing in the first or second quarter of next year. The taxation will follow a model similar to securities transactions, with investment income subject to standard taxation.
Interestingly, gambling enthusiasts worldwide have been slipping their bets through using cryptocurrencies. That's right, crypto-powered gambling is on the rise! In the first quarter, it made up 26% of all bets, but the figure skyrocketed to 36% in 2022!
To add some fuel to the fire, it's worth mentioning that Ukraine is taking active steps to establish a robust framework for cryptocurrencies. The initial plan was to finalize a draft bill to fully legalize and regulate cryptocurrencies as early as this year, although precise details about the timeline are still under wraps.
Getmantsev mentioned that the draft bill was under review in December last year, but we can expect the finalization to happen in early 2025. The proposed framework involves taxing certain cryptocurrency transactions at a combined rate of 23%, with a tax-free threshold and potential exemptions for stablecoins. Additionally, Ukraine aims to align its regulatory framework with the European Union's MiCA regulation, targeting seamless integration with the EU.
So, buckle up, Ukraine, because things are about to get crypto-wild!
- The bill to legalize and tax cryptocurrencies in Ukraine is being worked on in collaboration with the National Bank and the IMF, and it is expected to be completed by the end of this year.
- Daniil Getmantsev, the head of the parliamentary financial committee, predicts that the legalization of cryptocurrencies and their appropriate taxation could occur in the first or second quarter of next year.
- The taxation of cryptocurrencies, following a model similar to securities transactions, will make investment income subject to standard taxation.
- Ukraine is actively pursuing the establishment of a strong regulatory framework for cryptocurrencies, with the aim to align it with the European Union's MiCA regulation, potentially allowing for seamless integration with the EU. The finalization of the draft bill for full legalization and regulation of cryptocurrencies is expected in early 2025.
