Bitcoin Forum

A bill has been registered in the parliament of Ukraine to regulate bitcoin exchange which consist of taxing on trade and tax on mining as well.
The bill needs to get a majority vote to get passed.

https://www.coindesk.com/ukraine-regulate-bitcoin-exchanges-proposed-law/

I highly doubt that this bill will be adopted, and if so, the so-called taxation of exchanges in Ukraine will not cover all aspects of such regulation. Ukraine isn't considered as the highly developed country which has all necessary resources to regulate exchanges, and the loop could always be found by crypto-people.

Better you post on news section on this forum.
All this government don't know to do with all this crypto currencies. Today thay say ban and tomorrow they say approve. Bored!

Ukraine has no Parliament. There is a club of corrupt officials. All parliamentarians interested in laundering their criminal proceeds using bitcoin. They will never vote for such a law. I'm sure this bill will never make it to the parliamentary hall for the vote.Such draft laws in the Ukrainian Parliament hundreds.

Taxation on bitcoin trading and mining is just some word in the book, if they will add tax when trading through registered trading platform than people will just go with peer to peer trading and OTC trading.

However Regulation is better than banning.  ;D

That's the reason governments hate cryptos. There are always ways to evade the existence of a transaction hence no one knows who holds what.
Government should come up with rather creative idea to cope with cryptocoins.

It is good to see another country notice cryptocurrency, it is a clear evidence that adoption rate is increasing. I feel bad for those who were using crypto there though they will need to pay tax just doing trades and mining but still it brings benefit to them like having more ways to spend their coins in real life. I hope that Ukraine government will decides whether to pass this or not soon.

Yep, that's really great to see one more country which is assumed to recognize cryptos, though not to accept them yet. I consider this news just as the proposition, which won't be passed eventually, as far as I understood the current national economic situation.

Socialist governments need strict tax regulation to keep afloat.

It's better to try to regulate cryptos than banning them. They may tax on the the trade adding to the fees to exchange and tax the fiat to crypto and vice versa transactions.

Ukrainian decision on the crypto currency will not affect the price because the country is not so globally responsible.

This isn't all that helpful. While bitcoin should be a safe heaven from tax, its mere usage shouldn't invoke taxation. If it was treated as assets, where taxation would only exist on profits, it'd be ideal. Taxation on trading and mining is merely going to make it harder for businesses to sprout in the country while still allowing for the cryptocurrency to be used illegally and expanding the black market.

Taxation on bitcoin trading and mining is just some word in the book, if they will add tax when trading through registered trading platform than people will just go with peer to peer trading and OTC trading.

This is the real problem facing all governments........TAX

They are not oposed to cryptocurrency. They are oposed to not being able to effectively tax it!

This regulation madness is going crazy. They can't understand that this is freedom and we don't need regulations.
And they will never understand that this cannot be regulated. There are new projects for decentralized exchanges. and how they think they are going to regulate decentralized exchanges?

I won't be surprised, if countries start to compete with each other like which one will regulate faster. But at least, Ukraine is the one of the last countries to control and taxate the exchanges as they have bigger problems at the moment, like Russia for example.

I live in Ukraine and I can tell you that, even though everything might seem very cheap for people from developed countries, prices are really high compared to salaries here. Thus, a lot of businessmen don't pay taxes (I mean, they usually pay only the required minimum) and they are not likely to change in the nearest future. Bitcoin is quite used in our country despite the fact that most of people never heard of it. There are about 30 exchanges where one can sell bitcoin for Ukrainian hryvnia. Taxes will reduce the profit in about 20%, so I don't really think the bill will pass.
Moreover, I didn't actually find the same information in Ukrainian but what I did find is that National Bank already stated that cryptocurrencies are not real currencies and in the news about the possible law it is written more about financial pyramids than about exchange regulations. Furthermore, I guess there isn't even a project of this law available yet.

I'm not good at Ukrainian and Russian but I've found out a official page about the bill. It would be good if anyone read and updated the current status about the bill.

http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62684

Good these regulative steps are one of the reasons we see Bitcoin skyrocketing. Mainstream adoption has been happening at a super quick pace for months now

I do not think that the regulation of exchanges in Ukraine can somehow globally plunge into the market situation

This project is still in fact-finding status. The government is not in a hurry to accept it as it understands that it will be practically impossible to control the currency.

yup, that's the only reason, all that other "threat" is just bs.

I hope this comes into action although I highly doubt it. One thing is certain is that more regulation is required to weed out scams and give legitimacy to this space.

Okay, so we have countries slowly following the examples of each other in trying to regulate exchanges. Fair enough. They feel the need to get in some control before it spins out of their understanding. And in some cases, they want to protect their citizens.

But this will affect the ideals of people who originally want to use Bitcoin because of privacy and security. But maybe this will force them to completely abandon fiat? Without exchanges, you can still trade crypto and crypto only. Maybe this is how it must start for a true crypto and fiatless economy to happen.

wow..  
i think that mining will become not so profitable in few years
they want to move the population to the PoS..
but in other hand, the big PoW coin Price will go higher when there will be taxes on mining :)

I think Ukraine did not joined the bitcoin just to make the value stable but in opposite that they joined bitcoin because they are hoping that it will help to boost their economy by gaining in taxation and reduce unemployment in which we believe that it would be an advantage of every country if they will adopt bitcoin. So let us give Ukraine a chance to benefits them in order for the other nation to the same than banning it.

That's better. We can't do something about that. Besides, other countries are doing the same thing. Japan already regulates the local exchanges. There's no big deal if Ukraine will follow.
Regulating cryptocurrency has positive effects at the progress of cryptocurrency at Ukraine though. It will boost the adoption of cryptocurrency there.
Taxation is normal to me. That's our responsibility as a citizens of a nation. We are bound to do that.
I don't see any bad thing about their implementation of tax at their country. We can't escape tax forever. It's inevitable. So it's better than let the government ban cryptocurrency. Also regulating cryptocurrency is better, to avoid any problems in the future. Because if the government will not regulate cryptocurrency, they will just continue to do some actions against against cryptocurrency. Like China was doing.

I cannot imagine how a government can manage to successfully tax revenues made in cryptolandia, especially a government like the Ukranian one, probably not one of the most efficient and honest ones.

Does anybody know Ukrainian exchange? I love not to deal with their exchanges . The propose law as far as it goes seem flawed. How will government tax trade without profit. Once they start regulations like this , there is no telling how far government will go to tax you to death.

I think the article is just a pure speculation, and if the Ukrainian government makes certain decisions in favor of cryptos, it will still be stopped at its very beginning and nothing will happen at all.
Besides, considering the outside information how this particular government is corrupt and how it is slow in doing things in favor of its people, no changes will be made, for sure, unless the elite is hurt.

yes it is but i think as an investor this is a crucial information for us to think about. the cryptocurrency world indeed depends on regulation of country that support it. we can learn from the past where there is a ban from china that makes the value drop down so much, and there is a regulation that support ico by japan that makes bitcoin and altcoin value became pump up to the top.