Ukraine Set to Legalize Crypto by Summer

The Ukrainian government has announced plans to legalize cryptocurrency by this summer, according to a senior member of the Verkhovna Rada, Danylo Hetmantsev. As the Chairman of the Finance, Taxation and Customs Policy Committee, Hetmantsev stated that the main text of the relevant bill is fully prepared, and the legalization process is expected to be completed before the summer.

However, several issues are still under discussion, including the application of financial monitoring methods to cryptocurrency transactions by regulatory bodies and law enforcement officers. Additionally, the drafters of the bill are finalizing tax matters before submitting the bill to the Rada for approval.

Hetmantsev further clarified that Kyiv will not provide any bonuses or incentives to companies and individuals using cryptocurrency. He explained that international experts consulted on the legalization issue advised against providing preferential treatment, as it could lead to an unfair tax burden on traditional industries. Instead, Kyiv plans to ensure that cryptocurrency transactions are taxed at the same rate as other investment assets and adopt a regular tax regime.

The legalization of cryptocurrency in Ukraine is expected to bring clarity and legitimacy to the cryptocurrency market in the country, potentially attracting more investors and businesses to the sector. However, the specific details and timeline of the legalization process remain to be seen, as the bill is still under discussion and finalization.