According to the head of the Fiscal Committee of the Ukrainian parliament, Danylo Hetmantsev, the country will legalize cryptocurrencies in 2025. The information was published by Ukrainska Pravda.
Hetmantsev’s statements came at a recent forum on investment opportunities. The lawyer and economist stated that there is currently a working group working on a project to legalize Bitcoin and crypto assets.
«If we talk about cryptocurrencies, there is a working group finalizing a draft law for its first reading. I believe that the text, developed in collaboration with the National Bank and the World Monetary Fund (IMF), will be ready after the New Year. Our goal is to pass this law and legalize cryptocurrencies in the first quarter of 2025. »
Danylo Hetmantsev, head of the Parliament’s Fiscal Committee.
In addition, explained that there will be no tax exemptions for cryptocurrenciesand that taxation will be similar to that of traditional financial assets; That is, taxes will be paid when cryptocurrencies are converted into conventional money.
“We are consulting with European experts and the IMF to take a very cautious approach to cryptocurrencies, as their use can facilitate tax evasion in traditional markets,” Hetmantsev commented.
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The process of regulating crypto assets in Ukraine has moved slowly, causing loss of tax revenue. According to Bohdan Prilepa, businessman and CEO of the firm Prof-it Blockchain, the country has fallen behind compared to the European Union, which already has Cryptocurrency regulation: the MiCA Law.
However, the experience of El Salvador could well offer valuable lessons for Ukraine’s future in the field of cryptocurrencies. The adoption of bitcoin in the Central American country has generated great international interest, and figures such as Tim Draper have highlighted the nation’s potential to become one of the richest in the world.
In terms of Mining, the Salvadoran model, which uses geothermal energy to produce bitcoin efficiently and sustainably, exemplifies how Ukraine could diversify its sources of income. Bitcoin mining using renewable energy is presented as an effective strategy for a country seeking to stabilize its economy in the face of current challenges. According to Adam Back, CEO of Blockstream, El Salvador could become a nation as rich as a European country as long as you keep your bitcoin mining project powered by volcanic energy.
The slow progress of regulations in Ukraine contrasts with the measures that Russia has already implemented in this sector, especially with regard to cryptoasset mining. In this sense, Vladimir Putin’s government has decided suspend bitcoin mining in several regions, including occupied areas of Ukrainein order to ensure the energy supply during the winter.
In the latest edition of the Chainalysis Cryptocurrency Adoption Index, Ukraine ranked number 6surpassing countries such as Russia, the Philippines, Brazil and the United Kingdom, which reflects the great commitment of Ukrainians to digital assets even in times of war. Both organizations and citizens have used cryptocurrencies to support humanitarian initiatives, send remittances or protect their assets in the face of uncertainty.
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