Ukraine drafts law to make cryptocurrency profits tax free

The chief of the Ukraine Parliament’s Committee on Tax and Customs Policy, Nina Yuzhanina, submitted a bill, known as Bill No. 7246, last week for Parliament’s consideration. The bill seeks to amend the Ukraine’s existing tax policies as they pertain to all cryptocurrency and related blockchain financial products.

According to the Bill, it seeks to amend the current Ukrainian tax code in such a way, that all profits derived from any cryptocurrency transaction would be completely exempt from taxes. This includes activity in the cryptocurrency industry such as trading, mining, funds generated from cryptocurrency-related operations, etc.

According to a note that accompanied the bill, the bill aims to create a market that would flourish and lead to new innovations.

The Chairman of the NBU Council, Bohdan Danylyshyn said that banning or restricting cryptocurrency activity would only add fuel to the fire, and create a gateway for illegitimate activities so often associated with cryptocurrencies. He continues to stress that by putting a legislative framework in place, the Ukraine parliament would create an atmosphere in which the cryptocurrency market could flourish while at the same time being transparent.

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