Ukraine legalises virtual (crypto) assets

Bill No. 3637 on virtual assets was adopted by the Verkhovna Rada at the second reading, and it was supported by the vote of 276 Members of Parliament.

Deputy Prime Minister, Minister of Digital Transformation Mykhailo Fedorov wrote that currently the daily turnover of virtual assets in Ukraine is UAH 1 billion, but all this is in the shadows. Thus, international exchanges are not able to enter Ukraine. Taxes are not paid on any transactions with virtual assets.

Thanks to the [adopted] bill, this will be settled. Favourable conditions will be created that will allow companies to register in Ukraine, and not abroad. The budget will receive taxes, and entrepreneurs feel protected. Only a few countries in the world have legalised crypto assets: Germany, Luxembourg, and Singapore. Ukraine will be one of them.

Mykhailo Fedorov, Minister of Digital Transformation of Ukraine

“Now virtual assets have become an object of civil rights, an object of civil circulation. However, there is a lot of work ahead. During the year we must amend the Civil Code and, of course… the tax code, develop by-laws,” the head of the parliamentary committee on finance, tax and customs policy, Danylo Hetmantsev, said.

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