Ukraine’s regulatory authority, the Ministry of Digital Transformation, has proposed a new tax on cryptocurrency profits. The proposal suggests an 18% tax on all cryptocurrency profits starting in 2024. This move is part of the government’s efforts to regulate the cryptocurrency market and bring it under the purview of the tax authorities.
The proposed tax would apply to all individuals and businesses that earn profits from buying and selling cryptocurrencies. The tax would be calculated based on the difference between the purchase price and the sale price of the cryptocurrency. The tax would be payable in Ukrainian hryvnia, the country’s national currency.
The Ministry of Digital Transformation has stated that the proposed tax is necessary to ensure that the cryptocurrency market is regulated and that the government can collect taxes on profits earned from cryptocurrency trading. The ministry has also stated that the tax will help to prevent money laundering and other illegal activities that are often associated with cryptocurrencies.
The proposed tax has been met with mixed reactions from the cryptocurrency community in Ukraine. Some have welcomed the move as a step towards greater regulation and legitimacy for the cryptocurrency market. Others have criticized the tax as being too high and potentially damaging to the growth of the market.
Despite the mixed reactions, it is clear that Ukraine’s government is taking steps to regulate the cryptocurrency market. In addition to the proposed tax, the government has also introduced new regulations that require cryptocurrency exchanges to register with the authorities and comply with anti-money laundering laws.
Overall, the proposed tax on cryptocurrency profits in Ukraine is a significant development for the cryptocurrency market in the country. While it remains to be seen how effective the tax will be in regulating the market, it is clear that Ukraine’s government is taking steps to bring cryptocurrencies under its regulatory framework. As the cryptocurrency market continues to grow and evolve, it is likely that other countries will follow Ukraine’s lead in regulating this emerging asset class.
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- Source: Plato Data Intelligence.