The Verkhovna Rada of Ukraine has adopted in the first reading a bill clarifying the taxation of crypto assets. Bill No. 10225-d divides virtual assets into three categories.
These are tokens backed by assets, currency or real estate; electronic money tokens tied to a single official currency; other virtual assets – a broad category of tokens that are not included in the first two groups.
According to the document, income tax on transactions with digital assets will be 18%, plus 5% — military tax. A separate tax regime for income from transactions with cryptocurrencies should be applied to individuals. If the law is adopted, the taxable amount will be calculated as the difference between the annual income from the sale and the cost of acquiring digital assets.
For virtual assets purchased before the law comes into force, a reduced personal income tax rate of 5% should be applied – if these crypto assets are sold during 2026. For legal entities, taxation is proposed to be applied by analogy with securities, while the Ministry of Finance has the right to determine deductible expenses based on proposals from the central bank.
Value Added Tax (VAT) should not be applied to the issue, placement, sale, exchange and redemption of virtual assets, except for non-fungible tokens (NFT) and tokens representing rights to property and services. The amendments to the Tax Code of Ukraine are expected to enter into force on January 1, 2026. The bill may be amended before the second reading.
According to the draft, virtual asset service providers (VASPs) working with Ukrainian tax residents are required to register with local regulators and provide them with annual reports on cryptocurrency transactions. Fines are provided for non-compliance with the requirement, while reduced penalties will be applied in the first years after the law comes into force: 10% of the standard fine in 2026 and 25% of the standard fine in the period from 2027 to 2029.
The Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danylo Getmantsev stated that the legalization of cryptocurrencies could bring Ukraine, thanks to registered exchanges, 8.34 billion hryvnia ($201.8 million) in taxes over the past four years at a rate of 18% and up to 6.53 billion hryvnia ($158 million) in personal income tax.
The bill defines virtual assets as a special type of digital property that exists in electronic form and operates on the basis of blockchain technology. At the same time, virtual assets cannot be used in Ukraine as legal tender.
Recently, the first deputy governor of the National Bank of Ukraine (NBU) Serhiy Nikolaychuk reported that the central bank does not support the creation of a state reserve of cryptocurrencies due to their high volatility.
Источник: bits.media
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