Ukrainian Deputy Proposes Tax Immunity for Crypto Market Participants

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Yuri Molchan
Ukrainian deputy suggested providing participants of the crypto market in Ukraine. The deputy believes that the new legal norm will ensure healthy conditions for a spike
Ukrainian Deputy Proposes Tax Immunity for Crypto Market Participants
Cover image via U.Today

In the draft law, a deputy Yuri Derevyanko suggested providing participants of the crypto market in Ukraine with a tax break until 2029.

Apart from that, the draft gives a definition to the following terms: a token, cryptocurrency, a virtual asset emitter, mining, cryptocurrency transaction, etc. The deputy believes that the new legal norm will ensure healthy conditions for a spike of the crypto market in the country and for attracting investors.

Derevyanko also suggested implementing a moratorium on taxing mining equipment. E.g., it must not be liable to import duties or with a value added tax when being sold on the home market.

The bill has it that in order to stimulate the growth of the virtual asset market in Ukraine, all income of individuals and legal entities made in the course of operations with virtual assets should be free from any kind of taxation until 31 December 2029.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.