Cryptocurrencies may be legalized in Ukraine in early 2025. But there will be no benefits
12 December 09:47
Ukraine may legalize cryptocurrencies in the first quarter of 2025, but it is not worth counting on tax benefits. This was stated by Danylo Hetmantsev, chairman of the Verkhovna Rada’s tax committee, at the forum “Prospects for domestic investment” organized byEkonomichna Pravda, Komersant ukrainskyi reports.
“Speaking of cryptocurrencies, the working group is finalizing the draft law for the first reading. I think we will have the text together with the National Bank and the IMF after the New Year, and in the first quarter we will adopt this bill and legalize cryptocurrency,”
– Mr. Hetmantsev said.
According to him, there will be no tax exemptions for cryptocurrencies. It will be taxed similarly to securities: the tax will be levied on profits from the transfer of assets into fiat currency.
“In consultations with European experts and the IMF, we are very cautious about the use of cryptocurrencies for tax benefits as a possibility of tax evasion in traditional markets,”
– he explained.
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Cryptocurrencies: a modern financial technology
Cryptocurrencies are digital or virtual assets based on blockchain technology that provides transparency, security, and decentralization. They currently have no physical form and are not controlled by any government or bank. The most widespread cryptocurrency is Bitcoin, created in 2009, which became the basis for the further development of this technology.
The main feature of cryptocurrencies is the ability to conduct transactions without intermediaries, which reduces costs and increases the speed of transactions. However, their value can fluctuate significantly due to the speculative nature of the market. In addition, cryptocurrencies are increasingly being used for various financial services, such as smart contracts and decentralized financial platforms.
The popularity of cryptocurrencies is growing not only among investors, but also among companies that are beginning to accept them as a means of payment. Such giants as Tesla and Microsoft have already integrated cryptocurrencies into their payment systems. In addition, some governments, such as El Salvador, have even officially recognized Bitcoin as a legal tender. This shows the growing confidence in digital assets, although many countries are still cautious about their full legalization due to concerns about financial stability and possible tax evasion.
