Crypto legislation is advances following commitmenttee approval
Fresh Take on Ukraine's Approach to Regulating Virtual Assets
Get a lowdown on the juicy details of Daniil Getmanets' proposed bill aimed at virtual assets in Ukraine. Here's the scoop!
This whacky dude, Getmanets, shed some light on his Telegram channel about a proposed bill, but let's get into the dirty deets, shall we?
Apparently, virtual assets ain't no moneymaker and doubtful as a legit form of payment in Ukraine. These puppies are legally treated as moveable properties in civil law, but, hey, the initial proposed version—which is still open to debate, btw—suggests they're just as screwy as electronic money, as defined by Ukraine's 'On Payment Services' Law.
The bill chucks virtual assets into threesomes:
- Asset-backed tokens, all tied up with a bow by linking to some currencies or properties.
- Electronic money tokens, locked and loaded to a solitary official currency.
- The rest of the virtual asset misfits.
If you got yourself a virtual asset, you'll need proof it's yours—cryptographic keys are the ticket. Before hawking cryptocurrency, yea, verily, provide full deets about the asset, issuer, and risks. Oh, and businesses dealing with these babies must be authorized, comply with organizational, and financial standards, and ensure client protection.
Taxation is a bitch, even for virtual assets. After reaping profits from virtual asset operations, you've gotta pay up! Income from asset sales below the minimum wage is mysteriously tax-exempt. Folks who bagged assets prior to the bill's enactment get a holiday till 2026, enjoying a 5% NDF rate while they sell their stash.
Corporate income tax folks gotta brace themselves for fresh adjustments.
Newbies in the service biz related to virtual assets can't join the simplified tax system.
They reckon these new rules will kick in from the year 2026's beginning.
Getmanets added that legalizing crypto could have a humongous impact on the budget— Global Ledger researchers figure Ukraine could've nabbed roughly 8.34 billion UAH in taxes from taxed crypto exchanges (at an 18% rate) and another 6.53 billion UAH from taxing citizens' crypto income for 2021-2024.
Now, I ain't no legal expert, but Ukraine's been venturing into blockchain and cryptocurrency regulations. In 2021, Ukraine approved the "Law on Virtual Assets," which offered a framework for using and regulating virtual assets, including cryptocurrencies. This law recognized virtual assets as intangible goods, defined different types, outlined requirements for circulation, and detailed licensing and compliance regulations for providers.
As for taxation, Ukraine applies tax on crypto gains. The exact tax rate and rules may vary based on the transaction nature or the individual's activities. To uncover the latest updates and official deets, I'd suggest consulting official Ukrainian government resources or legal pros who know their stuff about the current regulatory scene in Ukraine.
If you're lewd with specifics about Getmanets' bill, well, that might help with digging up more tailored details!
- Getmanets' proposed bill in Ukraine considers virtual assets as akin to electronic money, as per the 'On Payment Services' Law.
- The bill categorizes virtual assets into three groups: asset-backed tokens, electronic money tokens, and other virtual asset misfits.
- To transact virtual assets, individuals must prove ownership through cryptographic keys and comply with financial regulations, including taxation.
- The enactment of Getmanets' bill could significantly impact Ukraine's budget, potentially generating billions of UAH in taxes from cryptocurrency transactions.
