The head of the parliamentary Committee on Finance, Taxation, and Customs Policy, Danilo Hetmantsev, reported that the National Bank of Ukraine and the State Tax Service provided a significant number of proposals for the cryptocurrency taxation bill. In particular, these institutions prepared amendments of 300 and 50 pages respectively, which requires substantial revision of the document over the next two to three months.
This is reported by Business • Media
Revision of the Bill and Tax Issues
In early September, the Verkhovna Rada supported the bill No. 10225-d in its first reading, which aims to regulate the taxation of transactions involving virtual assets. Danilo Hetmantsev noted that this step is “a huge leap towards the legalization of crypto,” but for the preparation for the second reading, the document needs to be significantly altered in light of all comments and proposals.
“We received amendments from the National Bank on 300 pages, and from the Tax Service — 50 pages of proposals. This essentially indicates that we will need to rewrite the bill almost entirely before the second reading,” the MP stated.
Hetmantsev emphasized that the main goal of the bill is to legalize the cryptocurrency market, protect the rights of digital asset owners, and organize fair taxation of the profits obtained.
Position on Benefits and Tax Rates
The deputy stressed that he does not consider it advisable to implement benefits for the taxation of cryptocurrency transactions. The current version of the bill provides for a preferential personal income tax rate of 5% plus a 5% military tax during a transitional period. However, according to him, currently, income from cryptocurrency transactions is already taxed at the standard rate of 23%.
Hetmantsev also pointed out that the lack of clear rules and regulation of the cryptocurrency market has led to significant financial losses for the state budget.
“Every year, the state loses about 15-16 billion hryvnias. So over three years since the adoption of the framework law, that’s about fifty lost billion,” Hetmantsev explained.
According to analytical reports, Ukraine has lost at least 10 billion US dollars in recent years due to the lack of proper regulation of the cryptocurrency market, making it more vulnerable to abuses.
Furthermore, Hetmantsev confirmed that cryptocurrency will not be a means of payment in Ukraine, although the law may provide for specific exceptions for certain transactions. In his opinion, the National Bank should become the regulator of this segment, as the National Securities and Stock Market Commission has not managed this task effectively.
The politician also does not rule out the possibility of a Ukrainian cryptocurrency being issued by national businesses or investors in the near future.
At the same time, he noted that the final adoption of the bill may be passed to the next convocation of the Verkhovna Rada, as the cryptocurrency market remains complex for full understanding and quick regulation.
“We are very afraid, to be honest, of ‘missing the mark,’ because the market is not sufficiently clear to us. […] But it should be understood that it will not be possible to fully regulate the market in 2–3 weeks, as we are used to doing with the adoption of some other bills, for objective reasons,” he concluded.