Ukraine is getting closer to a new bill that would legalize the ownership of digital assets and would establish a new tax framework for the sector.
The first bill should be presented to the Ukrainian Parliament, known as Verkhovna Rada later this month, report local points of sale. It should align the regulation of digital assets in the country with European Union standards, transparency and consumer protection to anti-flange (AML) and licenses. Ukraine seeks to become a member of the EU by the end of the decade, and the screening process is already underway, which makes it essential for its “crypto” laws to reflect the region.
“The preparation of a bill on the taxation of transactions with virtual assets is currently in the final stage. It is estimated that its submission for the first reading in the Verkhovna Rada is scheduled for the end of August 2025,” said Danylo Hetmantesev, who heads the Tax and Finance Committee of the Parliament, told One News Out.
The bill will legalize the possession of digital assets in the country, but will not recognize them as a legal aspect, reflecting management that most pro-Crypto executives have taken. El Salvador remains the only country to give status as a legal call for tenders, and it was an epic disaster for President Nayib Bukele. The Central African Republic followed suit in 2022, but the experience was short -lived and the law was repealed the following year.
The bill has a provision which allows Ukrainians who have acquired their digital assets before it takes effect to declare them legally, paying a single military tax and 5% on income tax of individuals. The government arrived at the combined tax of 10% after consulting local experts and international organizations such as the International Monetary Report (IMF), report local points of sale.
“We must provide the market legal protection. The state must recognize those who have a crypto and exchanges that carry out this activity. It must give the owners the possibility of protecting their rights because you cannot help but notice that it is too important to ignore,” commented Hetmantesev.
He also warned the owners of digital assets who choose to stay in the shadows after the new law has taken effect that, as each service will become under license, their activity is discovered and that they will be invoiced accordingly.
A legal tax framework could generate millions of dollars for the Ukrainian government in the middle of the current conflict with Russia. According to a Global Ledger report, the government has lost at least $ 200 million in “crypto” taxes in the past four years from exchanges and other virtual asset service providers (Vasp). These platforms would have generated more than $ 1.1 billion in profits from Ukrainian merchants at that time.
The Central Bank of Ukraine supports a new law
The governor of the National Bank of Ukraine, Andriy Pyshnyy, supported the new bill, but insists that “crypto” must not be awarded the status of tender.
“Virtual assets cannot be a means of payment and cannot in any case undermine the effectiveness of our monetary instruments. There should be no transfer of monetary powers and no saped of the National Bank capacities due to the legalization of virtual assets,” he said in a recent interview.
He thinks that the new executive will remove the shadow market, allowing the central bank to better monitor and supervise financial transactions involving the sector. But while Pyshnyy is impatient to supervise the sector, the legislators remain undecided on which the government agency should be competent on “crypto”.
In June, Hetmantsev, head of the parliamentary finance and tax committee, said that the legislators decided between the NBU, the Ministry of Digital Transformation and the National Commission for Securities and Bourse.
However, the NBU is currently the most likely to be awarded authority to the sector because it is “an institutionally competent regulator with experience in the banking and non -bank sectors,” said Hetmantesev.
Ukraine’s “crypto” regulations will have a global impact given the massive government hiding place. The nation of Eastern Europe holds 46,351 BTC, worth more than $ 5.6 billion, which is only ranked behind the United States, China and the United Kingdom. Ukraine has also recently offered a BTC reserve, joining others like the United States, the Czech Republic, Brazil, Poland, etc.
Watch: Decompose solutions to the blockchain regulation obstacles
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