Ukraine is preparing new rules for the crypto market: Hetmantsev on taxation and numerous amendments to the draft law

• Danylo Hetmantsev said that the National Bank and the State Tax Service of Ukraine have sent amendments to the draft law on crypto assets.
• According to him, they require work within 2-3 months.
• In addition, he stressed that cryptocurrencies do not need tax exemptions.

In early September, the Verkhovna Rada passed in the first reading the draft law No. 10225-d, which is supposed to regulate the taxation of virtual assets. Danylo Hetmantsev, Chairman of the Parliamentary Committee on Finance, Taxation, and Customs Policy, called the document “a huge step towards legalizing crypto,” but stressed that the text would require 2-3 months of revisions to be prepared for the second reading.

According to Hetmantsev, the main goal of the draft law is to legalize the market, protect the rights of asset owners, and ensure income taxation.

At the same time, he insists:

The current version of the law provides for a preferential personal income tax rate of 5% (5% of the military tax) for the transitional period, but, as the MP notes, even today, cryptocurrency transactions are taxed according to the general rules — 23% of income.

According to Hetmantsev, the unregulated market has already cost Ukraine billions in losses.

It is worth reminding that according to a report by the Royal United Services Institute for Defence Studies (RUSI), Ukraine has lost at least $10 billion in recent years alone due to the lack of proper regulation, and the market itself remains vulnerable to abuse.

The Head of the Finance Committee also reiterated his position that cryptocurrencies will not be a means of payment in Ukraine, although some exceptions for specific transactions will be defined by law.

He added that the National Bank should become the regulator of this segment, as “the National Securities and Stock Market Commission has failed to cope with this task”.

The politician also noted that he does not rule out the possibility of a cryptocurrency issued in Ukraine, by Ukrainian businesses or Ukrainian investors, in the near future.

At the same time, Hetmantsev did not rule out that the final adoption of the document could be inherited by the next convocation of the Rada.