Parliament to pass cryptocurrency law in August: what will change for Ukrainians.

In August, parliament will consider a law on the cryptocurrency market. The purpose of this document is to provide legal protection to the cryptocurrency market, exchanges, and individuals.

This was reported by the head of the Financial Committee of the Verkhovna Rada (VRU), Danilo Hetmantsev, during the Evening.LIVE broadcast on Friday, August 1.

What the cryptocurrency market law entails

The VRU representative emphasized that people must legally receive income from cryptocurrency transactions and pay taxes on it. If the corresponding law is supported by parliamentarians, individuals who already possess cryptocurrency will be able to pay tax on it only once, without specifying the source of origin.

'We want to give the opportunity to those people who acquired crypto earlier to come out of the shadows, show it, pay once without proving the source of funds for purchasing crypto, pay 5% tax, and have it legally owned.'

It should be noted that the head of the Financial Committee of the VRU mentioned that it is key to Ukraine's Eurointegration. The business sector must operate under legislation that works equally for everyone.

Hetmantsev also explained how Ukrainian refugees have impacted Poland's economy. According to him, their presence has added billions of dollars to the Polish budget.

According to the head of the Financial Committee's announcement, there are plans in the Verkhovna Rada to review a law regulating the cryptocurrency market, aimed at protecting participants in this market and establishing a framework for taxing cryptocurrency transactions. If the law is adopted, cryptocurrency holders will be able to legalize their assets and pay tax only once without indicating the source of funds, which will open up opportunities for more transparent and secure cryptocurrency transactions.