The best financial regulator in Ukraine floated the idea of taxing cryptocurrency as a personal income, with possible sculptures for certain stable foreign supporting assets, as part of a newly proposed tax matrix published on Tuesday.
In a translated letter introducing the new potential approach, Ruslan Magomedov, head of the National Securities and Stock Exchange Commission in Ukraine, said that effective tax policy is a necessary step to prevent financial abuses and facilitate “legal and responsible use of digital assets”.
“The establishment of fair and understandable tax rules is also a prerequisite for investment attraction and the integration of the Ukrainian market for virtual assets in the global financial market,” added Magomedov.
Within the framework of the suggested tax regime of the NSSMC, certain cryptographic transactions – essentially those in which the non -stablecoin cryptocurrencies are collected for the fiduciary currency or exchanged against goods or services, and during which there were no financial loss of the transaction – would be imposed on the standard effect of Ukraine last December.
Crypto-au crypto transactions would not be subject to tax under the proposed tax matrix, which is in accordance with the way in which several other European countries, notably Austria and France, as well as friendly jurisdictions like Singapore, generate cryptographic taxation.
Since the Tax Code of Ukraine exempts all the income generated by transactions with the exchange values being imposed, the NSSMC suggested “it is logical to consider a preferential rate or exemption of the tax” for the foreign stages supported by assets and certain tokens referenced on the asset (arts). The preferential tax rate suggested in the matrix could be 5% or 9%.
The matrix also offered a variety of tax options for other types of cryptographic transactions, including mining, which, according to the NSSMC, could be considered as a “commercial activity”; The development, which, according to the regulator, could be “considered a captive income of companies” or only imposed it at the stage of money; As well as forks and paratroopers, which, according to the regulator, could be imposed as an ordinary income or only at the money stage.
Ukraine had previously introduced a bill in a similar modifying the country’s tax code to cover the cryptocurrency in 2023. An analysis in 2024 of the Swiss blockchain Global Blockchain Ledger analysis company noted that Ukraine could bear more than $ 200 million in annual taxes from cryptographic transactions.
The Ukrainian President Volodymyr Zelensky officially legalized the country’s cryptocurrency sector in 2022, determining industry regulators and giving them the green light to create specific regulations. The National Bank of Ukraine is currently working on a bill based on European Union (EU) markets in crypto (MICA).
Ukraine has been a candidate for EU membership since 2022.
Coindesk contacted the NSSMC for a comment.
