Ukraine Gov’t Aims to ‘Legalize Crypto’ by Summer This Year – Senior Lawmaker

A top Ukrainian lawmaker has claimed that Kyiv is on course to “legalize” crypto by summer this year.

Per the Ukrainian-language media outlet Minfin, the comments came from the lawmaker Danylo Hetmantsev, the head of the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy.

Hetmantsev claimed that the main text of the crypto “legalization” bill is “already fully ready.”

Legalize Crypto: Ukrainian Lawmaker Says ‘Main Points’ of Bill Are ‘Ready’

Lawmakers, Hetmantsev added, are still discussing several issues. These include the way regulators and law enforcers apply “financial monitoring” methods to crypto transactions.

Hetmantsev added that the bill’s architects must finalize taxation-related matters before the draft law is sent to the Rada.

No Disparity With TradFi?

The lawmaker added that Kyiv will not offer any “bonuses or benefits” to companies and individuals who use crypto.

Hetmantsev justified this stance by explaining that Kyiv has consulted “international experts on legalization issues.”

These experts, he said, believe that any “preferential regime” could “create an uneven tax burden on traditional industries that use crypto.”

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Hetmantsev argued that Kyiv plans to ensure that crypto transactions are “taxed at a level similar to other investment assets,” with a “normal” system of tax rates.

In some nations, crypto is taxed at a higher rate – or using a lower threshold – than investment in assets like stocks.

What Issues Remain Unresolved?

Lawmakers are reportedly still working on several issues. One of these is a proposed “transition period” for people “who have already invested in cryptoassets, but cannot provide proof of their purchases.”

Hetmantsev also spoke about regulatory matters. He noted that the National Securities and Stock Market Commission “should take charge of crypto regulation.”

However, he added that this body does not currently have the “institutional capability” to police the industry.

Instead, he claimed, the central bank – the National Bank of Ukraine – may likely need to take temporary charge of the matter.

“We still believe that, at this stage, the National Bank should take control of regulatory matters.”

Danylo Hetmantsev, head of the Verkhovna Rada’s Committee on Finance, Tax, and Customs Policy.

First Reading Imminent?

Hetmantsev added that the long-awaited draft crypto law would be “ready for a first reading in the first quarter” of the year.

This would presumably be followed by a return to the committee stage as bill architects continue to iron out wrinkles. Hetmantsev explained:

“I can promise you for sure that we will do everything possible. We want to ensure that this law passes [the Rada] by the summer of this year at the latest.”

At the end of 2024, Hetmantsev spoke about the imminent launch of a bill to “legalize crypto” in the “first and second quarters of 2025.”

Yuriy Boyko, the head of the National Securities and Stock Market Commission, said this was a “very likely scenario.”

Kyiv has previously revealed it has worked on the bill with representatives from the International Monetary Fund.