UKRAINE

Ukraine to impose a tax on cryptocurrencies

Ukrainian MPs are preparing a bill that proposes to legalize cryptocurrencies in Ukraine. The document is scheduled to be submitted to the Verkhovna Rada in September. It will provide for the taxation of cashing and purchases of goods and services for cryptocurrencies.

The tax will be imposed only in case of withdrawal of funds into fiat money or when buying goods and services. It will be 5% of the difference between the sale price of the token and the documented price of its purchase (or the cost of mining). Individuals will also pay a military fee of 1.5%. Operations between different cryptocurrencies will not be taxed.

The tax proposed in the draft law is still planned as a temporary measure from 2019 to 2025.

The document is lobbied by member of the parliament Alexei Mushak, together with a group of 20 representatives of different companies. According to the MP, the Ukrainian crypto community responded positively to this initiative. According to Artem Afyan, managing partner of the Juscutum company, this bill basically legalizes activities with the cryptocurrencies in Ukraine.

According to Liga.net, the market volume for the new tax is not completely clear. Alexei Mushak heard about the figure of 2-3 billion USD, but does not have exact data.

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