Home » Legalization Imminent for Crypto in Ukraine, so is the Taxman

Legalization Imminent for Crypto in Ukraine, so is the Taxman

A Ukrainian minister has claimed that the government is looking to give legal status to crypto, shifting them out of their current gray zone.

However, the government’s motive seems to be majorly financial, as the minister spoke about taxing both crypto traders and miners.

According to a report from media outlet Liga, Ukraine’s Ministry of Digital Transformation Alexander Bornyakov said:

“People who [deal with cryptocurrencies] should come out of the gray area they are currently operating in and start paying taxes.”

Bornyakov stated that crypto “legalization” was the way forward for the industry because while cryptocurrencies are legal in Ukraine, they don’t have any form of legal status. Instead and as is the case in many other countries, the government simply doesn’t recognize crypto as legal tender.

The minister talked about the eventuality of the government “earning money from cryptocurrency miners.” He said that the legalization of crypto would also give way to prospectively taxing crypto traders.

Ukraine’s new government has continuously vowed to transfer its public registries and systems of document issuance to blockchain-powered sites.

According to the same media outlet, Bornyakov’s crypto legalization plans are part of a broader plan that would see blockchain technology play a vital role in digitizing the state’s operations.

For instance, the use of blockchain technology in conjunction with a government-run firm allowed to multiply the proceeds from sales of seized property and land leases in Ukraine, according to a 2018 report by Cryptonews.com.

Meanwhile, an undated video that went viral among the crypto community shows Alexander Lukashenko, the president of Belarus, speaking a possibility to use excess nuclear power to mine Bitcoin.

Source: https://cryptonews.com/news/legalization-coming-for-cryptocurrency-in-ukraine-and-so-is-4757.htm


About the author

Ezra Ondara

Ezra Ondara

Ezra Ondara is a football fanatic, and betting pundit. He specializes in product reviews and casino/gambling content, with interest in the aviation industry and space science. When he’s not at his desk crafting content, he is watching the English Premier League or space exploration videos on YouTube, or out of town with his family. Ezra values relationships and he’s committed to providing valuable content for readers.

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