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Taxes To Be Levied On Crypto Transactions In Ukraine

18:35 09/10/2018

The representative of the Ukrainian Ministry of Finance announced the creation of an expert group to develop and implement tax rules for crypto operations.


Deputy Finance Minister Sergey Verlanov stated that the specialists of the department are considering imposing of a tax for mining and crypto transactions at a rate of 19.5%.


The official calls the experience of Switzerland the most appropriate example for Ukraine. In this country, cryptocurrencies are considered a movable property that can be sold and exchanged. To this end, the tax service office publishes a daily cryptocurrency rate and licensed crypto traders conduct purchase and sale transactions.


However, Verlanov stresses that primarily it is necessary to determine the legal status of cryptocurrencies. He states that the National Securities and Stock Market Commission of Ukraine or the National Bank of Ukraine may be the key regulators of the crypto sphere.


Starting from October 16, 2018, the work group will deal with the legal formalization of the crypto taxation. At the end of this year, specialists will have to submit their proposals for the experts’ consideration.


As previously reported, Yuriy Derevyanko, a deputy of the Verkhovna Rada, the parliament of Ukraine, and a representative of the “Movement of New Forces”, introduced a bill to exempt crypto assets from taxes until 2029.

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