Олег Онопрієнко Crypto 3 September 2025, 12:17

The Verkhovna Rada voted in the first reading to legalize the virtual asset market

The document forms the legal framework for the development of the modern financial market and the digital economy.

The Chairman of the Parliamentary Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev, reported that the Verkhovna Rada adopted in the first reading the long-awaited bill on the legalization of cryptocurrency in Ukraine.

The bill divides cryptoassets into three categories: those whose value is tied to specific assets (e.g., stocks); those whose value is tied to specific currencies (e.g., USDT); and all other cryptoassets.

As reported by the "Sudova-Yurydichna Gazeta", for virtual assets that were purchased before the new law came into force, it is assumed that in the event of the sale of such virtual assets during 2026, individuals will have the right to choose a preferential rate of 5% personal income tax.

Amendments to the Tax Code of Ukraine propose the following innovations regarding virtual assets from January 1, 2026:

In terms of personal income tax:

a special taxation regime for VA transactions is being introduced (separately from other income and separately from investment profit);
The positive financial result (profit) from transactions with VA is taxed based on the results of the year, i.e. all income from the sale of VA during the year is reduced by the expenses incurred during the year for the acquisition of VA.
The list of expenses allowed for inclusion is limited to minimize abuse, but such a list may be expanded by the Ministry of Finance in agreement with the Regulator;
losses from previous periods are taken into account until fully settled (with some exceptions, for example, if the VA authorization has been canceled);
there is no tax agent, the payer declares and pays taxes independently;

Not taxable:

income from transactions on the exchange of VA for other VA;
income from the sale of VA within one minimum wage;
the value of virtual assets obtained as a result of their issuance (creation) or free receipt by the taxpayer from their issuers or offerors and/or received by the taxpayer from their issuers or offerors of virtual assets exclusively in exchange for his personal data;

Previously, Hetmantsev noted that the draft law on the legalization of crypto is "very complex"; it was considered in the committee even before its registration: consultations were held not only with state authorities, but also with representatives of the crypto market and experts from the International Monetary Fund.

The chairman of the financial committee also said that three state bodies are competing for the right to be the state regulator in the cryptocurrency market — the National Securities and Stock Market Commission, the National Bank, and the Ministry of Digital Transformation.