Ukrainian lawmakers are reportedly likely to pass a bill that will legalize cryptocurrency in the country.
Citing a statement by Danylo Hetmantsev, chairman of the unicameral parliament Verkhovna Rada’s Committee on Financial, Tax and Customs Policy, Ukrainian online newspaper Epravda reports that there is a good chance that Ukraine will legalize cryptocurrency in the first quarter of 2025.
Says Hetmantsev,
“Talking about cryptocurrency, the working group is completing the preparation of the relevant bill for its first reading. I think that the text will come after the New Year together with the National Bank and the IMF and that in the first quarter we will adopt this bill, which legalizes cryptocurrency.”
But Hetmantsev says cryptocurrency transactions will not enjoy tax benefits. The government will tax the gains from asset conversions under the securities model.
“In consultation with European experts and the IMF, we are very cautious about using cryptocurrencies with tax benefits, as an opportunity to avoid taxation on traditional markets.”
The development takes place in the context of Russia’s ongoing invasion of Ukraine. Earlier this year, Russian lawmakers passed a bill to allow the use of cryptocurrency in international trade as the country faces Western sanctions, causing payment delays that are impacting supply chains and costs.
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