No Crypto Taxes Until 2030: Proposes New Ukrainian Bill

[cetald]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

The bill still remains a draft and there is no guarantee that it will be adopted. In addition, knowing the ukrainian realities, any law can change at any time, if the government is comfortable.

[1Referee]

If that happens to become reality, it's great for the local crypto economy, but there is no way that foreign players will even remotely consider to settle themselves in an unstable country. On top of that, being settled in countries such as Ukraine will definitely scare off large scale investors. In other words, there is more to lose than to gain here.

I'm sure that businesses will rather prefer to pay tax elsewhere than to be extorted eventually by Ukrainian government officials. There you have the law of the state, and the law of the elite.

Malta seems to be the main hotspot for the top layer of the crypto world, and nothing will be able to change that, at least not any time soon.

[hatshepsut93]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

The bill still remains a draft and there is no guarantee that it will be adopted. In addition, knowing the ukrainian realities, any law can change at any time, if the government is comfortable.

Recently the ministry of economic development has made an announcement that they plan to work on crypto legalization, but it had nothing about making crypto tax free. However, the elections will come soon, and we don't know who will win and what will be their stance on crypto. So, in general it's better to take all the news, not only about Ukraine but about other countries too, with a grain of salt until some laws actually pass.

[Roukawa]

Oh. That is good! Is it applicable worldwide? If this news seem to be a genuine, many cryptocurrency enthusiast wìll be glad. Tax is the number 1 thing that hates by earners though it may contribute for the economic welfare of the country. I hope this good news will proclaim and executed right now. And I hope legalization of cryptocurrency will also take place.

[Harrisonimo]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

I believe the withdrawal of tax on cryptocurrency is a very good one by the Ukrainian government. Going by the poor/static trend if the market trend. I believe this is fair enough to encourage more cryptocurrency Investors. Answering the question of how a fair taxation can be achieved, I believe a certain percentage taxation fee can be placed on cryptocurrency transactions made which will be very convenient for Investors.

[figmentofmyass]

The zero tax incentive in the Ukrainian will certainly draw a lot of attention to Bitcoin in that country, but I do not know how long this will last, if it becomes more popular than their local reserve currency. 

I'm not sure if that will happen, but my point of interest is how long can they maintain their position as tax friendly country to operate in. I'm sure that more countries will end up competing for the same businesses.

who else is giving tax incentives this good? rates capped at 5% for five years is a lot lower than most places i can think of. it seems like a sweetheart deal for miners, considering the climate.

the problem is businesses would have to price in the risk of government destabilization, actions from russia and pro-russia militants and NATO, dealing with corrupt government officials, etc. it might encourage people who already live there to pay taxes because the rates are so low, but it's probably not too enticing for foreign investors.

[Kakmakr]

The zero tax incentive in the Ukrainian will certainly draw a lot of attention to Bitcoin in that country, but I do not know how long this will last, if it becomes more popular than their local reserve currency. 

I'm not sure if that will happen, but my point of interest is how long can they maintain their position as tax friendly country to operate in. I'm sure that more countries will end up competing for the same businesses.

Another advantage of Ukraine following up on their previous statements, is that it may very well be Russia's testbed. If Ukraine does well and there is next to no negative impact, they will follow for sure.

It may even result in a situation where Russia will outcompete Ukraine with dirty tricks, which they aren't shy of to fall back on. It's a step forward for crypto overall, hope it will reach other countries as well.

It might, if their goal for this was to eliminate "cash" usage and to move towards a cashless society. A lot of the smaller countries have to rely on other countries to print their money and this is costing them a fortune. Bitcoin is also very transparent, so if they want to clean up their government and their tax collection, then Bitcoin is the best solution.

The regulations to support the use of Bitcoin, will determine what their goals was with this move. 

[LeGaulois]

It's currently just a proposition to the Parliament. This makes a huge difference. There is a long time between a proposition and the law itself, months/year. If it is accepted which is another challenges. While waiting for the Parliament decision; the previous rate (if any) still apply.
From the Ukrainian government, it can be considered as a message to say "wait and see later"

[musharaf]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

I love a tax free crypto and other regulations are not good for it and it is impossible that someone impose some controls over crypto now crypto will be listed on stock exchanges and then it will be easily available to public and it will directly comes to the economy and it will contribute it's role in the economy while many online users are using it for buying of products and selling of other goods it is the tool for E commerce in this year.

[maianh09]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

I love a tax free crypto and other regulations are not good for it and it is impossible that someone impose some controls over crypto now crypto will be listed on stock exchanges and then it will be easily available to public and it will directly comes to the economy and it will contribute it's role in the economy while many online users are using it for buying of products and selling of other goods it is the tool for E commerce in this year.

The question is given how it works. I can tell you that if a country accepts Cryptocurrency as a form of payment, there will be startups or major developers developing smartphone applications on the smartphone so do not worry-How it works.

[andrei56]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

I do not see what it is the point of such a law when we know that governments can change it whenever they want, that is why many are adopting bitcoin because they do not trust the promises of their governments about the stability of their currency, and if you cannot trust them to not inflate the currency supply I do not see why we should trust them when it comes to those laws.

[cybernetik7]

Ten years for transition process of taxing is acceptable for some of investors of bitcoin but there are so many people who would not accept to pay tax for investing and using bitcoin. I think, they are right from certain aspects. At the end, every governor want to apply tax any activity of humanity. In 21. century, governors must seek other ways to cover expenses of public services.

[Renaldi blackspadeteam]

if it's like this I personally better surrender to the rules of state officials because it's useless if you fight will still lose, maybe the Crypto tax is intended for every transaction done, but calm down the crypto tax rules are still long

[Kemarit]

I will take that 5% exceptions anytime of the day. And its a deal 'made in heaven', but it doesn't translate to Ukrainian being one of the safe haven for investors. Because I do think that the political atmosphere in the country is not ripe for investors to suddenly flock in that country because of this deal. Besides there are other nations who could be as good as that deal, perhaps Malta is one. But it will greatly benefited their Bitcoin or crypto community though, so for sure they're exciting to see this proposal turn into law someday.

[chairmanMao]

Taxation when encrypting money is not a bad thing, and it requires the success of the cryptocurrency to be realized. When the influence of the cryptocurrency is large, the government will change its strategy. Perhaps the future stock market will be combined with the cryptocurrency market. This is a new cycle of the economy.

[Sarastiche]

The government of Ukraine has seen into the future and a confirmation that cryptocurrency is an establish community, with an influence to the economic development of the nation, For government to collect tax, this will mostly happen when individual convert token to fiat.

[cryptodv]

I wish the U.S. would implement something like that. Our tax code is dated and only benefits a few. Hopefully crypto will change that in the near future. 

[PizzaBTC]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

Well wouldn't that be amazing. 2030 is about 12 years from now (or 11 soon) and isn't that just a wee bit too much for a country. I mean 11 years could change so much and ukraine with the war going on with russia seems like it might be really in financial need, taxes could help out a lot in a country like that.

I mean don't get me wrong it is amazing for a country to just let the taxes be gone for crypto people, would allow faster adoption in a country and that helps us but I also do not want them to just say "we changed our mind, we want money now" all of a sudden and turn everyone away from crypto just when they get into it. You saw last year what happened with bitcoin when it reached 20 thousand and everyone came looking and it dropped, I wouldn't want the same for ukrainians.

[alinapvlvch]

I consider that taxes have to be and will be. without them functioning of the state is impossible. other question that they went there where it is necessary.

[andrei56]

The bill that has been introduced in the Ukrainian parliament which proposes a halt on cryptocurrency taxation of any nature in Ukraine until the end of 2029, would definitely be something all crypto people would get behind. The questions is, how does cryptocurrency taxing work? And is there a fair way around it?

Well wouldn't that be amazing. 2030 is about 12 years from now (or 11 soon) and isn't that just a wee bit too much for a country. I mean 11 years could change so much and ukraine with the war going on with russia seems like it might be really in financial need, taxes could help out a lot in a country like that.

I mean don't get me wrong it is amazing for a country to just let the taxes be gone for crypto people, would allow faster adoption in a country and that helps us but I also do not want them to just say "we changed our mind, we want money now" all of a sudden and turn everyone away from crypto just when they get into it. You saw last year what happened with bitcoin when it reached 20 thousand and everyone came looking and it dropped, I wouldn't want the same for ukrainians.

Your doubts are precisely why that law is useless, is very easy for a government to make promises and then to not fulfill them, to me this is just a trap, they are trying to make cryptocurrency users to feel safe and to reveal their activities to the government and then they will take that law down and they will ask for taxes and even for penalties against bitcoin users.