The Finance Ministry of Ukraine has proposed to introduce a tax on the income from cryptocurrency activities

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The Ministry of Finance invited the citizens to voluntarily pay tax on income from cryptocurrency activities in the amount of 19.5%. In this concept, the Agency includes trade digital assets and mining.

Deputy Finance Minister Sergei Varlamov said in an interview to the newspaper “Economic truth”:

“In accordance with the Civil code of cryptocurrency are considered to be intangible property. Trade Bitcoin similar in nature to the sale of the tanks in a computer game World of Tanks”.

Varlamov considers that in Ukraine it is necessary to determine the legal status of the cryptocurrency. In this case, exchange will perform the role of the tax service: they will register their trading activities and to oblige the traders to fill in a tax return. The Deputy Minister also explained that the tax will be imposed only on the profits from the sale of digital assets.

At the moment taxpayers can specify the income from cryptocurrency activities in the section of the Declaration of “property” or “financial assets”. Virtual currency has not yet received official status at the state level, as three of the bill of cryptocurrencies are at the stage of consideration in Parliament since October last year. In September they added another normative act, which proposes to introduce a temporary tax regime for kriptonyte. The authors of the document propose to levy the income from the trading of virtual currencies and mining the digital assets tax of 5% while the conversion transactions coins and purchase items for digital assets will not be subject to the payment of taxes.

In August of this year, the financial stability Council of Ukraine approved the concept of regulation of cryptocurrency transactions. The document defines the role of the National Bank and the Ministry of Finance in the regulation of the cryptocurrency sector. According to the head of the National Commission on securities and stock market of Timur Khromaev, the adoption of the concept is an important step towards the creation of legislative measures aimed at the development of kryptonyte in a fair and transparent environment.

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