Cryptocurrency is being legalized in Ukraine, but with a nuance: The NBU and IMF are already working on the project.

Ukraine may legalize cryptocurrency as early as the first quarter of 2025

The bill regulating the cryptocurrency sector may be adopted after the New Year and in the first quarter of 2025. This was stated by the Chairman of the Tax Committee of the Verkhovna Rada, Danilo Hetmantsev.

'When it comes to cryptocurrency, the working group is completing the preparation of the relevant draft law for the first reading. I believe that the text, together with the National Bank and the International Monetary Fund, will be ready after the New Year, and we will adopt this bill and legalize cryptocurrency in the first quarter,' said Danilo Hetmantsev.

The committee chairman emphasized that the legalization of cryptocurrency will not lead to the provision of tax benefits. Instead, it will be taxed according to the model of securities when assets are converted into currency.

'In consultations with European experts and the IMF, we are very careful about the use of cryptocurrency regarding tax benefits, as a potential means of tax evasion in traditional markets,' Hetmantsev explained.

A draft law on the peculiarities of taxation of operations with virtual assets was registered in the Verkhovna Rada in November 2023, which is the last step toward the legalization of cryptocurrency in Ukraine.

Source: Khvylia