6 months ago

The Verkhovna Rada of Ukraine will consider this week the draft law No. 9083-1 on introducing amendments to the Tax Code, which provides for the exemption of cryptocurrency market participants from taxes until the end of 2029.

The initiator of the bill is Yuri Derevyanko, representing the party “Rukh new forces.” In the Verkhovna Rada Derevyanko is a non-fractional deputy.

According to the deputy, in addition to tax holidays, the bill also implies the definition of the concepts “token”, “cryptocurrency”, “issuer of a virtual asset”, “mining”, “operations with virtual currency”, etc.  Also the people’s deputy believes that the new norm conditions for the rapid growth of the market and attracting investment.

It is also proposed to introduce a moratorium on the calculation of taxes on equipment for mining. For example, it should not be subject to import duties and value added tax when it is sold in the domestic market.

Mining is defined as a data processing activity aimed at ensuring the functioning of a distributed registry of transactions (blockchain) with the aim of receiving remuneration in the form of units of virtual assets.

The project provides for the period up to December 31, 2029 inclusive, with the aim of stimulating the development of the market of virtual assets in Ukraine, to temporarily establish that the income of individuals and legal entities received by them from operations with virtual assets is exempted from paying any taxes.