Ukrainian Lawmakers Set to Debate Crypto Tax Bills
Ukrainian lawmakers are preparing to discuss two proposed bills related to crypto taxation, as the country aims to generate revenue from crypto traders. One bill was authored by Yuriy Boyko, a member of the National Commission on Securities and the Stock Market, while the other bill was drafted by MP Anton Shvachko with input from the Ministry of Digital Transformation. Mykhailo Fedorov, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation, expressed hope that parliament would support the draft law to foster the growth of digital industries and support Ukraine’s economy.
Details of the Bills
The regulator has not yet revealed the full details of its proposal but has worked with EY (Ernst & Young) and the USAID Financial Sector Reform Project on the draft. The bills are currently in the consultation stage, with nearly 200 comments received on one of them. Alexey Zhmerenetsky, a Ukrainian MP and Chairman of NGO Blockchain4Ukraine, noted that the two bills differ significantly in terms of tax rates and implementation of EU regulations. Zhmerenetsky urged caution in implementing strict regulations that could make Ukraine less competitive in the crypto market.
Consolidation and Compromise
Zhmerenetsky suggested that it would take time to consolidate the two bills and called for a compromise between them. He also emphasized considering the wishes of international organizations like FATF (Financial Action Task Force) and the European Commission. However, he estimated that a consolidated bill might not be ready before the end of spring 2024 at best.
Hot Take: Ukrainian Lawmakers Mull Two Crypto Tax Bills
Ukrainian lawmakers are currently deliberating two proposed bills that aim to introduce taxation regulations for cryptocurrencies. The bills differ in terms of tax rates and implementation of EU regulations, and there is a need for consolidation and compromise between them. The consultation stage is ongoing, with various stakeholders providing feedback on the draft laws. It remains to be seen how these bills will evolve and what impact they will have on Ukraine’s crypto market. Striking the right balance between regulation and competitiveness will be crucial for Ukraine as it seeks to foster the growth of digital industries and attract investment in the crypto sector.
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