Ukrainian Parliament Offers Tax Bill for Cryptocurrencies

The parliament of Ukraine, called the The Verkhovna Rada, has proposed a tax bill on cryptocurrencies. The bill was initiated by 23 officials and is suggesting a tax of 5% on individuals and legal entities that perform any kind of operations with cryptocurrencies.

However, the tax rate should increase form the 1st of January 2014, when the tax will become equal to the usual income tax in Ukraine, which is 18%.

This bill is meant to withdraw huge volumes of money circulated in the grey market, not regulated market, and to encourage the crypto-related activities in the country. No need to mention, that the tax is supposed to attract millions of hryvnias to the national budget.

For now, there is no cryptocurrency regulation for Ukraine. Now however, the Ukrainian Cabinet of Ministers on the Financial Stability Board intends to regulate it and to determine finally the legal status of cryptocurrencies in the country.

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