Ukraine wants to legalize crypto (again)

[hatshepsut93]

This isn't on any crypto news sites yet, so I'll post the link to google translate of the original source - https://translate.google.com/translate?hl=en&sl=ru&tl=en&u=https%3A%2F%2Ftech.liga.net%2Ftechnology%2Fnovosti%2Fu-fedorova-pliniruyut-legalizovat-kriptovalyutu

In the past there was multiple laws submitted by MP's that aimed at legalization of cryptocurrency, but it seems like this issues wasn't important enough to even vote for it. But after the recent elections the parliament and government fully changed, and now Minister of Digital Transformation says he wants to legalize crypto, so that law enforcement would stop extorting miners and crypto traders/miners would start paying taxes. He also says that he wants to put government records on blockchain.

The new government has already started doing some reforms as soon as they got the power, so maybe there's a chance that they will indeed legalize crypto. But I don't think that this chance is too big - maybe they will be busy with other things again, and MP's simply won't have time to review and vote such a niche law.

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[Tylev]

Earlier, several bills were submitted to the Ukrainian legislative body, the Verkhovna Rada, for adoption, many of which provided for the exemption of people from paying taxes on profits in cryptocurrency. Minister of Digital Transformation (I didn’t know that there is such a ministry in Ukraine, now everyone is renaming it there in bulk) wants to introduce taxes for crypto traders and this is not very good. True, the deputy corps in Ukraine has completely changed, they may not support the bill with taxes. Now Ukraine has a very efficient parliament, laws are passed very quickly, so we can say that the cryptocurrency law will soon be in this country.

[drumamat]

I only see information from this country in style ,, will,,.When the legislation is adopted, then it will be possible to talk about something constructive.If Liberland, with its small territory,has become a digital center, Ukraine can become a real digital center that no one has seen before.The potential is really huge.There is a wish that those who wants to introduce similar technologies passed from words to case.

[Digitalbitcoin]

Governments with the favor of technology and transparency always take a positive move towards acceptance of Blockchain technology. Mainly governments having framework and infrastructure for technical implementation can bring real revolution in businesses. Ukraine is one of the well-known countries in tech issue.

So other countries also consider making crypto legalize.

[Argoo]

Compared to the fact that Ukraine previously proposed to exempt cryptocurrency holders from paying taxes, or to exempt them for a certain number of years, the statement of this minister  is already a step back. Although, you need to look not by intention, but by the final results. Let them adopt specific laws, then what will be discussed.

[Distraction]

I believe governments know that Blockchain technology has started to being used on various sectors and Ukraine government should know the importance of this technology too. Nevertheless, new parliament doesn't seem like they are considering this and don't seem to be willing to legalize cryptos.

[scambust]

Another good news for cryptocurrencies. I don't know why many people are bearish on crypto. When you learn of such developments around the world, you have a sense that slowly but surely cryptocurrencies will someday be common to many people. I don't see it as fad for a long time now.

[YuginKadoya]

Maybe it can be a good start for other countries to attain such feats and do their own move legalizing Cryptocurrency especially Bitcoin, And this is good for the community if one or three Countries would share some possible interest in Bitcoin then curious ones will then start to take action, I guess Ukraine finally see the potential of Bitcoin and other cryptocurrencies, and Mikhail Fedorov would device such plan in legalizing this in their country was an up for grabs opportunity for Ukrainians. 

[poptok1]

Another good news for cryptocurrencies...

If such thing as good tax exist then it is a good news indeed. If I understand correctly, if one keeps the low profile, it is possible to avoid any form of exaction from the Ukrainian government. Please explain what is so good in changes in law with witch the state will stick his giant, sniffing nose in? This is horrible information, if you ask me. Obvious pretext to take money from people is obvious.
Why bother with rampant corruption and power abusing cops? Let's tax them geeks!

[Shenzou]

Any crypto adaptation is always a good thing and it is a step forward especially if we see government officials calling for its legalization, but the think that leads me to believe that they are doing this is taxes, probably a lot or a sizable amount of people in Ukraine use crypto to make their living and therefore they are not paying taxes, and with legalizing it they are trying to make these people pay taxes, and to be honost i don't think that they will be able to as they are unable to track everyone who uses it or it requires a lot of resources, but we just have to wait and see.

[Artemis3]

In the past there was multiple laws submitted by MP's that aimed at legalization of cryptocurrency, but it seems like this issues wasn't important enough to even vote for it. But after the recent elections the parliament and government fully changed, and now Minister of Digital Transformation says he wants to legalize crypto, so that law enforcement would stop extorting miners and crypto traders/miners would start paying taxes. He also says that he wants to put government records on blockchain.

The new government has already started doing some reforms as soon as they got the power, so maybe there's a chance that they will indeed legalize crypto. But I don't think that this chance is too big - maybe they will be busy with other things again, and MP's simply won't have time to review and vote such a niche law.

Many people in this forum are probably unfamiliar with this, but my country certainly is. I HOPE you can get the law approved and authorities respect them, to stop the extorting, and all the garbage that brings (corruption, organized crime, etc).

Taxing can probably be done to physical things within the country, such as to asic mining equipment import or mining sites.

Government records on blockchain is a good idea, as long as they do it right: decentralized. To have true decentralization you need to somehow incentivize the people into running public nodes. If all you do is put the records in few nodes running in a single gov. datacenter, you are doing almost nothing to increase security.

Simply using a blockchain isn't good enough, don't believe the hype.

[hatshepsut93]

Another good news for cryptocurrencies. I don't know why many people are bearish on crypto. When you learn of such developments around the world, you have a sense that slowly but surely cryptocurrencies will someday be common to many people. I don't see it as fad for a long time now.

Because in the grand scheme of things, it's all pretty insignificant - Ukraine didn't legalize crypto, it's just one official says that he wants to legalize crypto - it happened many time before and in the end led to nothing. It's not enough to influence the market by any means, even if Ukraine legalized crypto tomorrow, Bitcoin would probably barely move at all, because Ukraine is not very influential both in real world and in crypto world.

[ChrisPop]

Got to say that from the OP words I already like the new Ukraine government, especially the Digital Transformation minister. No doubt that cryptocurrency is an important matter. IMO the states which will adopt them quicker and start building reserves in bitcoin will be the next world leaders. But, even if we don't oficially adopt cryptocurrency as main way to perform transactions I still highly support the implementation of the blockchain technologies in all the industries out there for increased transparency. We've got to understand this this tech has a huge potential to eliminate corruption.

[poptok1]

Many people in this forum are probably unfamiliar with this, but my country certainly is. I HOPE you can get the law approved and authorities respect them, to stop the extorting, and all the garbage that brings (corruption, organized crime, etc).

Could you describe from your perspective and knowledge, how those extortions look like? What is the main modus operandi? Who and how makes profit of miners? What about recognition for electronic property as physical property?
It is quite sad how modern journalism works, we know almost nothing about those little, dirty secrets.
We are basically neighbours and yet, stuff like that are never covered even in alternative media.
Let's make use of this mean of communication to spread the awareness.

[pixie85]

Earlier, several bills were submitted to the Ukrainian legislative body, the Verkhovna Rada, for adoption, many of which provided for the exemption of people from paying taxes on profits in cryptocurrency. Minister of Digital Transformation (I didn’t know that there is such a ministry in Ukraine, now everyone is renaming it there in bulk) wants to introduce taxes for crypto traders and this is not very good. True, the deputy corps in Ukraine has completely changed, they may not support the bill with taxes. Now Ukraine has a very efficient parliament, laws are passed very quickly, so we can say that the cryptocurrency law will soon be in this country.

It usually goes this way. They recognize it and want taxes or they don't recognize it legally and don't care about it. There's a few tax havens but most of the world wants something out of it.

Ukraine should follow Belarus its neighbor from the Eastern Bloc. They recognized Bitcoin so it shouldn't be difficult to adapt their laws. It's a nice opportunity to bring people to Ukraine that is facing large emigration to the EU. I heard that many Ukrainians are moving to Poland. If they want it to stop they need to inject a lot of capital into their economy.

[hatshepsut93]

It's a nice opportunity to bring people to Ukraine that is facing large emigration to the EU. I heard that many Ukrainians are moving to Poland. If they want it to stop they need to inject a lot of capital into their economy.

This may be true, but even fully legalized crypto won't have any big effects on the country's economy, at best it will just create a few thousands of jobs if new crypto-related services will be opened. Crypto industry is just a tiny drop if you compare it with a national economy. Bitcoin isn't even useful to Ukrainians as a hedge right now, because Ukrainian currency is growing right now.

[Harlot]

With that kind of move I think that the Ukrainian government did this in order to be inline with the views of what other countries part of the European Union are already doing. They wouldn't want to be left out with their other European counterparts when it comes to Crypto and Blockchain development in their country that is why they are doing this in order to be on their level, with their move that they officially labeled crypto as not illegal in their country while not having any proper regulation yet shows that they still want their citizens to enjoy the benefits from it while they are still working on the legal framework. Crypto regulation and acceptance really does work when it comes to other countries being influenced through accepting them, this helps the mass adoption we are looking.

[serjent05]

Governments with the favor of technology and transparency always take a positive move towards acceptance of Blockchain technology. Mainly governments having framework and infrastructure for technical implementation can bring real revolution in businesses. Ukraine is one of the well-known countries in tech issue.

So other countries also consider making crypto legalize.

I don't think the reason why Ukraine will legalize cryptocurrency is driven by technology.  As far as the statement :

and now Minister of Digital Transformation says he wants to legalize crypto, so that law enforcement would stop extorting miners and crypto traders/miners would start paying taxes. He also says that he wants to put government records on blockchain.

The government is in for the cryptocommunity's taxes.  They are after the profit that were slipping the government stash since the law about cryptocurrency taxes were not yet implemented.  I do not see this as a negative thing but rather it is a wise move since it will benefit both economy, the Cryptocurrency economy and the Ukraine economy.  For Bitcoin, more  country that accept and legalize it means more chance of adoption and places to boom.

[Micerker]

Ukraine is one of the countries in the economic crisis, so in this country is at risk of inflation if the government does not control it. While accepting cryptocurrencies may create a new opportunity for this country, Cryptocurrency will create international investment opportunities with large anonymous sums of money, but this assistance will make the economy in this developed country.

[fiulpro]

I am living in Ukraine and I can tell you that the cryptocurrencies are very well accepted here , you can find stores where you can buy and sell using Bitcoins also at the same time you can in person make the deal regarding your cryptocurrencies and such , so the people have already accepted it more or so , the government have changed a lot , the new president is open about everything thus I think it will be easy for the cryptocurrencies to make a place in Ukraine .