Ukrainian lawmakers are reportedly considering two draft bills that would create a legal framework for the taxation of cryptocurrency transactions in the country.
The proposed legislation is reportedly being considered by the Verkhovna Rada, Ukraine’s parliament. The first draft bill would introduce taxes on profits derived from cryptocurrency transactions, while the second would impose taxes on the sale of cryptocurrencies.
Should the legislation pass, it would create an official tax regime for capital gains derived from cryptocurrency investments and trading. Currently, cryptocurrency transactions are not recognized as taxable and there are no regulations surrounding them.
The new laws could potentially lead to the formalization of the Ukrainian cryptocurrency market and bring it into line with other countries in the region. Ukraine has a growing number of cryptocurrency users, and the government has been cracking down on tax evasion in recent years.
The proposed legislation has reportedly received support from the National Bank of Ukraine and other government bodies. The draft bills have been sent to the Ministry of Finance and the Economy for further review. It is expected that the law will be presented to the Verkhovna Rada for consideration in the near future.