Ukrainian Working Group to Develop Cryptocurrency Taxation: Status – Created

The Ukrainian Ministry of Finance has created the working group to develop rules and legislation for cryptocurrency taxation. The official announcement was made on the 8th of October 2018.

The group is supposed to start its work on the 16th of October this year. It should identify the taxes related to cryptocurrency and to develop and implement the regulation options within the legal framework that already exists. The experts should as well identify the instances in which the new legislation is needed or in which it should be revised.

In September a bill on taxation was proposed by Verkhovnaja Rada. The draft was telling about a 5% tax for individuals and legal entities that work with cryptocurrency and tokens.

As well, from the 1st of January 2024, there should be increase in the txt from 5% to 18%. The new legislation and the new taxation regime should bring additional 1,2 bln of hryvnia (43 mln USD) to the state budget just during the period from 2019 till 2024.

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