In one of our previous articles, we wrote about the intention of the Ministry of Digital Transformation to legalise cryptocurrencies in Ukraine. On September 8, 2021, after almost a year of changes and adjustments, the Parliament adopted the Law “On virtual assets”, supported by 276 votes, which will lay down a background for the cryptocurrency market.
According to the Minister of Digital Transformation, the daily turnover of virtual assets in Ukraine is more than $37M. For example, the daily trade volume of a private exchange – Kuna is more than $1M. Such operations are not regulated and taxed by authorities due to their nature.
The Law will set up a legal environment by defining basic terms and meanings related to “virtual currency”, “virtual assets”, “tokens”, etc. It also allows people and companies to own and trade cryptocurrencies in the market. Such an initiative will open new opportunities for investors and businesses.
For further information on how you or your business can prepare for the new standards or to discuss your potential actions, please contact our Kyiv Tax and Legal Department at email@example.com.