The draft law on regulating the market of cryptocurrencies and other digital assets is ready for a vote in parliament. What does it provide for and what taxes will crypto entrepreneurs pay?
The draft law on regulating the market of cryptocurrencies and other digital assets is ready for a vote in parliament. What does it provide for and what taxes will crypto entrepreneurs pay?
According to Forbes, the bill stipulates a special taxation regime for transactions with virtual assets. The tax will be charged only on the profit for the year. «This is about the difference between the costs of purchasing and the income from the sale of crypto assets,» said Danylo Hetmantsev, head of the parliamentary committee on finance, tax and customs policy.
The owner of cryptocurrency will need to pay 18% personal income tax (PIT) and 5% military levy. In the first year after the adoption of the document, a preferential PIT rate of 5% will apply. During this period, it is not necessary to confirm the costs of purchasing cryptocurrency. In the future, such confirmation will be mandatory.
After the transition period ends, cryptocurrency holders must pay 18% personal income tax and 5% military levy. Crypto entrepreneurs must declare and pay taxes on their own.
Three categories of crypto transactions will not be subject to taxation: exchanging one cryptocurrency for another; selling for an amount up to one minimum wage; and mining.
The draft law states that the market regulator will be determined by the Cabinet of Ministers in consultation with the National Bank. It is not yet clear what body will regulate the sector — the National Securities and Markets Commission, the National Bank, and the Ministry of Digital Affairs are considering it.
On April 24, the document will be considered by a specialized committee. And next week, it may probably be considered by parliament.
In early March, the first deputy head of the National Bank of Ukraine, Kateryna Rozhkova, said that a law on virtual assets in Ukraine should be ready by October 2025, which will be based on the European directive Markets in Crypto-Assets (MiCA). At the same time, in January, Rozhkova said that the National Bank of Ukraine does not plan to legalize cryptocurrency as a means of payment. She noted that Ukraine adheres to the position of the International Monetary Fund, which has repeatedly opposed the recognition of cryptocurrency as a legal means of payment.
Earlier, two draft laws were registered in the Verkhovna Rada to regulate the circulation of virtual assets — from the Ministry of Digital Economy and Finance and the National Securities and Stock Market Commission (NSSMC). Both draft laws are based on the MiCA directive, but differ in issues regarding the classification and taxation of cryptocurrency transactions.
