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New Bill in Ukraine requires 5% Tax on Cryptocurrency incomes

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Tax on cryptocurrency incomes
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There is a new bill in Ukraine that now requires Businesses and individuals to pay 5% tax on cryptocurrency incomes.

This draft law prepared by deputies and representatives of the industry aims to introduce light taxation of cryptocurrency incomes in Ukraine.

Despite their increasing popularity, cryptocurrencies are not yet legalized and regulated in Ukraine.

However, the country’s growing crypto sector is expecting authorities to do that as soon as possible but officials in Kiev have been slow to grasp the phenomenon and figure out what to do with it.

According to a report by Liga Business, the draft envisions the introduction of a 5% tax rate on profits from cryptocurrency trading and mining.

The tax will be levied at the difference between the buying and selling price of digital assets, and the difference between mining income and mining expenses. It will be due only when the crypto funds are exchanged to fiat or in case of payments for goods and services, including property.

However, Crypto-to-crypto transactions will not be taxed.

National Securities and Stock Market Commission ( NSSMC) will be regulating the crypto market according to the new draft.

What do you think about this tax? While we still wait patiently for the official legalization of cryptocurrency in Ukraine.

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