A working group based on the parliamentary committee for finance, tax, and customs activities, involving representatives from the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF), is finalizing the text of the draft law on virtual assets and their taxation for its first reading. The law could potentially be adopted in the first quarter of 2025, as reported by the committee's head, Daniil Hetmantsev.
"In the first quarter, we are likely to legalize cryptocurrency," he stated at the forum "Investment Prospects Within the Country," organized by the publication "Economic Truth" in Kyiv.
At the same time, Hetmantsev emphasized that the draft law will not include any tax incentives for cryptocurrency transactions.
"We anticipate that taxation will follow the model used for securities, meaning profits will be taxed upon conversion to fiat (fiat currency). There are no expectations for reduced taxation on these transactions," noted the committee's head.
A member of the National Securities and Stock Market Commission of Ukraine (NSSMC), which is vying for the status of regulator of this market, Maxim Libanov clarified that a final report from the IMF with final comments and recommendations for implementation is currently awaited.
According to him, the Commission is already working on the issue of tokenization from various perspectives.
"For instance, we have had legislation in place for two years that allows for the tokenization of corporate rights to shares and stakes in LLCs. We have established a system based on the central depository that enables any corporate transactions with stakes in LLCs, including complex ones like acquisitions through escrow mechanisms," Libanov indicated.
He added that just recently, one such agreement was completed with a major business.