Ukraine plans to legalize cryptocurrencies by 2025, focusing on regulation, taxation, and financial stability without offering tax incentives.
Ukraine is set to legalize cryptocurrencies by early 2025, focusing on clear regulations and taxation without offering any special tax incentives. The proposed legislation aims to regulate digital assets, ensuring financial stability while addressing risks such as tax evasion and money laundering.
The draft law, developed with input from the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF), will impose taxes on cryptocurrency profits converted into fiat currency, treating them similarly to securities trading. A working group is finalizing the bill, with a first parliamentary reading expected in early 2025. This framework will emphasize compliance with anti-money laundering (AML) standards and prioritize economic transparency.
Daniil Getmantsev, head of the tax committee of the Verkhovna Rada, highlighted that tax exemptions for crypto transactions were ruled out to prevent potential misuse. The goal is to avoid creating opportunities for tax evasion while aligning with global regulatory practices.
In the midst of its conflict with Russia, Ukraine sees cryptocurrency as a tool for financial security. Digital assets offer alternatives for cross-border transactions, helping citizens bypass disrupted traditional banking systems. Cryptocurrencies have already proven their value in humanitarian efforts, raising nearly $70 million for Ukraine’s defense and aid initiatives in 2023.
Ukraine’s move reflects broader global trends. Russia recently banned crypto mining in occupied Ukrainian regions but softened its domestic crypto tax policies, exempting transactions from VAT and capping income tax on crypto earnings at 15%. Meanwhile, Morocco is drafting regulations to replace its 2017 crypto ban, and Argentina is exploring Bitcoin payments by 2025 to expand currency freedom.
Ukraine’s efforts to legalize cryptocurrencies signal a significant step toward integrating digital assets into its financial system while ensuring transparency and fiscal accountability. The initiative also demonstrates how cryptocurrencies can offer economic resilience during times of crisis, aligning with the global shift toward regulated crypto adoption.
All content is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult a professional before investing.
Recommended Content
Editors’ Picks
Dogecoin traders jittery as Elon Musk’s DOGE faces possibility of lawsuit with Trump’s inauguration
Dogecoin rallies nearly 5% on Monday as crypto tokens gain momentum ahead of Donald Trump’s inauguration event. The Washington Post uncovered a lawsuit likely to be filed against Elon Musk’s Department of Government Efficiency as soon as the President-elect takes office.
Bitcoin reaches new all-time high above $109K ahead of Trump’s inauguration
Bitcoin’s price reaches a new all-time high of $109,588 on Monday after rallying 7.1% the previous week. The recent rally is fueled by Donald Trump’s upcoming inauguration. The US Bitcoin spot ETFs also supported the BTC’s rally, recording a net inflow of $1.86 billion the previous week.
Bitcoin hits new all-time high, traders brace for market swings ahead of Trump inauguration
Bitcoin jumps to a new all-time high of $109,588 on Monday. Bitcoin open interest crosses $71 billion as crypto market heats up for Trump’s inauguration. Bitcoin volatility climbs to 73%, and bullish sentiment suggests traders expect short-term market swings, positioning for the upside.
Solana eyes $300 milestone as DEX volume hits $27 billion, boosted by meme coins TRUMP and MELANIA
Solana (SOL) price trades in the green around $263 on Monday after hitting a new all-time high of $295.83 the previous day. Artemis data shows that SOL’s Dex trading volume reached a new all-time high of $27 billion, boosted by meme coins TRUMP and MELANIA.
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration
BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.