In August, the Verkhovna Rada will consider a bill on the legalization of the cryptocurrency market. It will bring digital assets out of the shadows and provide legal protection for cryptocurrency owners and exchanges. Owners will be able to declare their assets and pay a one-time tax of 10% (5% income tax + 5% military levy), after which the cryptocurrency will become official.
The market regulator is still being chosen: the National Bank, the National Securities and Stock Market Commission, or the Ministry of Digital Transformation. International partners are involved in the preparation of the bill.
The legalization of cryptocurrency is part of Ukraine's commitments on the way to the EU. It will ensure the transparency of funds and help explain the origin of assets. Those who do not legalize their cryptocurrency will remain in the shadows, but over time all transactions will become known through identification mechanisms.
This is an important step towards a safe and regulated cryptocurrency market in Ukraine. It is expected that the bill will be revised by October.
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