- Ukraine plans to implement 18% tax on crypto gains by 2024.
- Regulatory changes include the amendment of the ‘Virtual Assets’ law.
- Legal entities must be authorized by the NCSM for public token offering.
Ukraine is poised to become a pioneer in crypto regulation, planning to impose an 18% tax on cryptocurrency gains starting in 2024, Forbes Ukraine reports. In a move that could establish the country as a leader in the European digital finance sector, Ukraine is keen to fully embrace the European MICA virtual asset regulation standards.
This decisive step, orchestrated by the Ukrainian regulators, involves the amendment of the existing ‘Virtual Assets’ law, alongside the adoption of alterations to the Tax Code. These changes are expected to facilitate state taxation on cryptocurrency transactions, a move that could set a precedent for other nations to follow.
Notably, the updated legislation on virtual assets will see the National Bank and the National Commission on Securities and Stock Market (NCSM) emerge as the key market regulators. In addition, the bill outlines the categorization of virtual assets into three types: electronic money tokens, asset-linked tokens, and other virtual assets.
Significantly, for public offering of asset-linked tokens, issuers must be authorized legal entities, a process that involves the preparation of a comprehensive white paper.
Looking ahead, the lawsuit filed by the SEC against Binance US and other cryptocurrencies could potentially reshape the future of the crypto industry. As countries like Ukraine continue to innovate their regulatory frameworks, the outcomes of such lawsuits could provide essential insights and guidelines for other jurisdictions contemplating similar paths.
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Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature’s beauty.
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- Source: https://cryptonewsland.com/ukrainian-regulators-eye-18-tax-on-crypto-starting-2024/
