Ukranian lawmakers are considering two bills that would tax cryptocurrency transactions. The draft laws are designed to regulate the operations of cryptocurrency in the country.
The proposals have been submitted to the Ukrainian parliament and, if passed, the new regulations would require individuals and companies that engage in cryptocurrency activities, such as buying and selling cryptoassets, to pay taxes on their profits. The proposed taxes will be set at 5% for individuals and at 15% for companies. The drafts further suggest that all cryptocurrency profits made by companies should be taxed at the same rate, regardless of where the profits were earned. The bill also suggests that each crypto transaction should be reported to the tax authorities within 10 days.
The bill proposed by the Ukrainian Ministry of Digital Transformation seeks to make sure that the profits from cryptocurrency activities are properly taxed and that the money is tracked. The proposed legislation would also help to protect investors and traders by setting up clear rules and regulations for how they should be taxed.
In addition to the two draft laws, the Ukrainian parliament is also considering a third piece of legislation that would create a unified platform for regulating the operations of cryptocurrency exchanges in the country. This would help to ensure greater transparency in the crypto sector and the security of investors.
It remains to be seen how the proposals will be received by the Ukrainian parliament, but it appears that the government is taking steps towards establishing a framework for regulating the crypto sector. The proposed taxes could potentially help to generate additional revenue for the country, as well as ensure that investors and traders can trade with greater confidence.