The People’s Deputy of Ukraine proposed not to tax cryptocurrencies for 10 years

One of the prominent figures of the party “Рух новых сил”, the people's deputy of Ukraine Yuriy Derevyanko developed the bill “On Amendments to the Tax Code of Ukraine regarding the taxation of transactions with virtual assets in Ukraine.” According to the bill, the deputy proposes to exempt the representatives of the cryptocurrency industry from taxes until 2029.

The exemption from taxes applies to all the income received in the process of conducting the transactions with virtual money by legal entities and individuals. The deputy also proposed not to tax VAT transactions for the sale of mining equipment in the territory of Ukraine.

Yuriy Derevyanko believes that the cryptocurrency industry can take on the role of the locomotive for the entire economy of the country. Consequently, it is necessary to legalize cryptocurrencies and streamline the sphere. And, of course, to create all the conditions for the rapid growth of the segment.To make the market transparent and safe, attractive for investments and great potential for further growth.

The Ukrainian authorities put certain hopes on the cryptocurrency and are trying to create comfortable conditions for the industry. Next year it is planned to adopt the law which will consolidate digital money in the status of financial assets.