The head of the Ministry of Finance of Ukraine Mikhail Fedorov announced that the bill “On virtual assets in the near future” will be considered in the second reading.
Kyiv. Ukraine. Ukraine Gate – June 04, 2021 – Technology
“We will be one of the few countries in the world to have done this. And this will progress, because today, according to one of the main ratings assessing the adaptation of society to cryptocurrencies, we are in first place in the world, ”he said in an interview with Hromadske.
Fedorov noted that a large amount of cryptocurrency in the hands of Ukrainians is a problem, since “there is no legal framework, there is no law, cryptocurrency is not legalized.”
“It needs to be legalized very quickly. Yesterday there was a meeting with the National Bank – they still had some questions, but we came to an agreement. I hope that within the next month we will be able to submit the bill for the second reading, adopt, and then all transactions with bitcoin will be transparent, ”the minister said.
According to Fedorov, Ukraine will create a “transparent legal system of coordinates in which to work.”
“That is, in fact, it will legalize the ability to buy something for cryptocurrency, exchange it for money and the like,” he said.
At the end of May, Deputy Minister for Digital Transformation Oleksandr Bornyakov told the details of the bill and how it should affect the economic situation in Ukraine.
According to the bill, some aspects of crypto assets will be controlled by the National Bank, part of the Ministry of Digital Industry, and part – by the Securities Commission. At the same time, the law defines cryptocurrency as an intangible asset, an intangible good.
As for taxes, if an individual receives a fortune in bitcoins, then it will be necessary to pay at an income rate of 18 percent. If we are talking about business, then this is income tax, which is also 18 percent.
“There is a proposal to make a grace period for the first five years. This will make it possible to tax income in virtual assets at a rate of five percent. This will help develop this area for the country and for the people and then return to standard rates, “Bornyakov emphasized.
After the adoption of the law, Ukrainian banks will be able to open accounts for citizens and businesses in cryptocurrency. But it will be impossible to pay with cryptocurrency since in Ukraine the only means of payment is the hryvnia.
“It will be very similar to gold or the dollar and the euro. That is, you cannot pay with cryptocurrency for coffee, but you can keep it in deposit accounts and make payments in the conditions of conversion into hryvnia, ”Bornyakov said.
The Deputy Minister noted that their goal is to create favorable conditions for international business.
“To establish companies here, register them, receive bank accounts in banks of Ukraine and work for the whole world with Ukrainian jurisdiction. Our goal is to create the best conditions in the world for us to be the best jurisdiction, ”he stressed.
Read also: How Illegal Profits Are Hidden in Cryptocurrencies
Source: Ukrgate