The National Bank of Ukraine and the International Monetary Fund are now working on legislation to legalize cryptocurrencies in the first quarter of 2025. The legislation will govern digital assets but not grant tax breaks. Instead, the securities model will tax revenues from bitcoin transactions upon conversion to fiat currency.
Danylo Hetmantsev, chairman of Ukraine’s Parliamentary Committee on Finance, Tax, and Customs Policy, has stated that the draft bill will be ready for its first parliamentary reading early next year. Despite previous speculation about tax benefits for the cryptocurrency industry, the administration has decided against it. Hetmantsev noted that the careful approach tries to avoid tax evasion while maintaining financial stability.
This step is part of Ukraine’s bigger efforts to regulate the digital economy. Legalizing cryptocurrencies will create a clear framework for businesses and investors, as well as allow citizens to get access to financial services, especially given the current disagreement with Russia. The law’s final adoption will mark a significant advancement in the country’s digital asset regulations.
