The Verkhovna Rada of Ukraine has postponed the consideration of the draft law on the legalization of the cryptocurrency market to the autumn session. The head of the Committee on Finance, Taxation and Customs Policy, Danilo Hetmantsev, noted that this important document is planned to be discussed on September 2 at the opening of the 14th session of parliament.
This is reported by Business • Media
Reasons for the Postponement and the Position of Deputies
According to Hetmantsev, this week the deputies were unable to include the issue of cryptocurrency market legalization in the agenda. In his opinion, political issues have become more important than the economic aspects of the country’s development for some parliamentarians.
“Unfortunately, for some colleagues in the parliamentary hall, politics has proven to be more important than the economy,” he stated.
At the same time, Hetmantsev emphasized that he intends to insist on the consideration of the draft law in September and considers its adoption strategically important for the country’s economy. He stressed that the adoption of the law is a commitment of Ukraine to its international partners and will facilitate integration into the global financial system.
Content of the Draft Law and Expected Outcomes
The draft law, adapted to the European MiCA regulation, provides for the creation of transparent rules for participants in the cryptocurrency market. According to the document, digital asset owners will be able to legalize their income and pay a tax of 10%. Hetmantsev emphasizes the need to establish “civilized, transparent, and clear rules of the game” for all market participants.
Currently, discussions are ongoing regarding the designation of a state body that will regulate the cryptocurrency sector. Among the contenders are the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation.
Hetmantsev is convinced that the legalization of the cryptocurrency market can bring billions in revenue to the state budget. According to Global Ledger, from 2021 to 2024, Ukraine lost over 8.34 billion hryvnias in tax revenues from centralized cryptocurrency exchanges (at a rate of 18%) and up to 6.53 billion hryvnias from taxing citizens’ income due to the lack of regulation.
“The legalization of cryptocurrencies could potentially bring billions to the state budget,” Hetmantsev concluded.