Good day everyone,

I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the news of the Ukrainian government looking to make crypto legal by the summer of 2025.

Ukraine to ‘Legalize Crypto’ by Summer

The nation of Ukraine is looking to make cryptocurrency legal by the summer of 2025. Currently a number of MP's are debating how to introduce crypto tax and monitor transactions on blockchain networks’ but the main text of the relevant bill is yet to be fully completed. Lawmaker Danylo Hetmantsev, the head of the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy, has confirmed this news. Hetmantsev claimed that the main text is “already fully ready” but lawmakers are still in discussion regarding several issues. These include the way regulators and law enforcers apply “financial monitoring” methods to crypto transactions.

The statement during the event "New Economy: Cryptocurrencies, CBD, and OnlyFans," and was reported by the Ukrainian news outlet, The Judicial and Legal Newspaper. Hetmantsev also added that the bill's designers must address tax-related matters before submitting the draft to the Rada. He noted that a preferential tax regime for cryptocurrency will not be introduced, as international experts argue that such an approach could create an imbalance in tax obligations between digital assets and traditional industries. Crypto will therefore be taxed in a similar manner to other investment assets.

It was also noted by the lawmaker that Kyiv will not offer any “bonuses or benefits” to companies and individuals who use crypto. Hetmantsev argued that Kyiv plans to ensure that crypto transactions are “taxed at a level similar to other investment assets,” with a “normal” system of tax rates. It is noted that in some nations crypto is taxed at a lower, or higher, rate to other assets such as stocks, but in Ukraine it will all remain at the same level.

A key issue under consideration is a transition period for individuals who have already invested in cryptocurrency but are unable to verify the cost of acquisition. Under the proposed legislation, once the law takes effect, such individuals would be required to pay tax on the full value of their cryptocurrency holdings rather than just the profit. Hetmantsev noted that the National Securities and Stock Market Commission “should take charge of crypto regulation.” However he added that this body does not currently have the “institutional capability” to police the industry. Hetmantsev stated:

“We still believe that, at this stage, the National Bank should take control of regulatory matters. I can promise you for sure that we will do everything possible. We want to ensure that this law passes [the Rada] by the summer of this year at the latest.”

Have a great day.

Peace. CryptoGod-1.

Referral Links and Follow Me:

Linktree