Law Project on Taxation of Virtual Asset Operations Was Registered in Verkhovna Rada

Published on 17 Sep. 2018
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“What is cryptocurrency? There are quite a few approaches in the world. Somebody considers it as goods, a digital gold, the new MMM, others think differently,” - Oleksii Mushak, the Ukrainian people’s deputy wrote on his Facebook page. The deputy is well-known among those interested in Ukrainian crypto space.

Oleksii Mushak is the most active among the Ukrainian deputies in the issues of cryptocurrency legalization. He offered to adopt some of the key definitions of cryptocurrencies and tokens.

Ukrainian crypto community together with deputies decided on the following definitions: cryptocurrency is a subtype of tokens, which in their turn are a subtype of virtual assets.

In legal language:

• cryptocurrency is a virtual asset in the form of token that functions as a means of exchange or store of value;

• a token is a digital accounting unit within the digital distributed ledger which has cryptographic protection;

• virtual assets are any form of records within the digital distributed ledger that can be used as a means of exchange, accounting unit or store of value.

The definitions appeared in the new project of the Law on introducing changes into the Tax Code on taxation of the virtual asset operations in Ukraine. It was registered on Friday, September 14.

23 people’s deputies signed the law project number 9083. The deputies are both from the coalition and opposition.

As we informed earlier, the legalization of cryptocurrencies and introduction of taxes on crypto operations should be fulfilled due to the two bills. One of them is the law project on changes to the Tax Code. The second one concerns the general regulation and is still under the consideration and discussion together with the cryptocurrency community of Ukraine.

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