In Ukraine, they plan to legalize cryptocurrency by the summer of this year, — Hetmantsev

In Ukraine, they plan to legalize cryptocurrency by the summer of this year, — Hetmantsev

The Head of the Committee on Finance, Tax and Customs Policy, Dmytro Hetmantsev, announced that cryptocurrency will be officially legalized in Ukraine by the summer of 2025.

The deputy announced this at the event “New Economy: Cryptocurrencies, CBD, and OnlyFans”, organized by Mezha.Media.

Hetmantsev noted that the main part of the bill on cryptocurrency legalization is already fully prepared, and discussions are currently ongoing regarding financial monitoring of transactions and taxation.

The deputy points out that there will be no bonuses or benefits for cryptocurrencies for several reasons. Firstly, international experts consulted on legalization issues believe that introducing a preferential regime may create uneven tax pressure on traditional industries that use cryptocurrencies. Instead, it is planned that cryptocurrency will be taxed at a level similar to other investment assets with standard tax rates.

One of the issues still being worked on is the transition period for those who have already invested in cryptocurrency but cannot prove they spent money on its purchase. In such cases, when the law comes into effect, such entities will have to pay tax not on the profit but on the full amount already in cryptocurrency.

Hetmantsev also added that theoretically, cryptocurrency should be regulated by the National Securities and Stock Market Commission, but he mentioned that this body is not institutionally capable of doing so. Instead, the deputy believes that the National Bank of Ukraine should handle this for now, though this may change in the future.

“I believe that theoretically it should be the National Securities and Stock Market Commission. But unfortunately, we see that this body, in our particular state, is not institutionally capable of handling the respective relations and regulating them in the way the National Bank manages its trusted sector... Therefore, we still believe that at the current stage, it should be the National Bank,” said Hetmantsev.

Returning to the topic of legalization, the deputy mentioned that the cryptocurrency bill will be reviewed in the first reading in the first quarter.

“I can definitely promise that we will do everything possible to have this law at least by the summer of this year [passed],” stated Hetmantsev.