{"id":14966,"date":"2021-06-04T13:46:38","date_gmt":"2021-06-04T13:46:38","guid":{"rendered":"https:\/\/www.ukrgate.com\/eng\/?p=14966"},"modified":"2021-06-04T13:46:56","modified_gmt":"2021-06-04T13:46:56","slug":"ukraine-is-preparing-the-legalization-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.ukrgate.com\/eng\/?p=14966","title":{"rendered":"Ukraine Is Preparing the Legalization of Cryptocurrencies"},"content":{"rendered":"\n

The head of the Ministry of Finance of Ukraine Mikhail Fedorov<\/a> announced that the bill “On virtual assets in the near future” will be considered in the second reading.<\/p>\n\n\n\n

Kyiv. Ukraine. Ukraine Gate – June 04, 2021 \u2013 Technology<\/strong><\/p>\n\n\n\n

\u201cWe 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, \u201dhe said in an interview with Hromadske.<\/p>\n\n\n\n

Fedorov noted that a large amount of cryptocurrency in the hands <\/a>of Ukrainians is a problem, since “there is no legal framework, there is no law, cryptocurrency is not legalized.”<\/p>\n\n\n\n

\u201cIt 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, \u201dthe minister said.<\/p>\n\n\n\n

According to Fedorov, Ukraine will create a “transparent legal system of coordinates in which to work.”<\/p>\n\n\n\n

\u201cThat is, in fact, it will legalize the ability to buy something for cryptocurrency, exchange it for money and the like,\u201d he said.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

According to the bill, some aspects of crypto assets will be controlled <\/a>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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\u201cThere 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.<\/p>\n\n\n\n

After the adoption of the law, Ukrainian banks will be able to open accounts <\/a>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.<\/p>\n\n\n\n

\u201cIt 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, \u201dBornyakov said.<\/p>\n\n\n\n

The Deputy Minister noted that their goal is to create favorable conditions for international business.<\/p>\n\n\n\n

\u201cTo 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, \u201dhe stressed.<\/p>\n\n\n\n

Read also: How Illegal Profits Are Hidden in Cryptocurrencies<\/a><\/p>\n\n\n\n

Source: Ukrgate<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u2013 Technology \u201cWe will be one of the few countries in the world to have done this. And […]<\/p>\n","protected":false},"author":9,"featured_media":14967,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[4555,2048,1885,4509,996,2399],"class_list":["post-14966","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology","tag-cryptocurrencies","tag-currency","tag-legalization","tag-tech-news","tag-ukraine","tag-ukraine-gate"],"_links":{"self":[{"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/posts\/14966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14966"}],"version-history":[{"count":1,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/posts\/14966\/revisions"}],"predecessor-version":[{"id":14968,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/posts\/14966\/revisions\/14968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=\/wp\/v2\/media\/14967"}],"wp:attachment":[{"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ukrgate.com\/eng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}