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Rada approves legalization of cryptocurrency in 1st reading

The Verkhovna Rada voted in the first reading on bill No. 10225-d on the legalization of the market of virtual assets (cryptocurrencies) in Ukraine and the definition of the rules for their taxation.

Yaroslav Zhelezniak, a Member of Parliament from the Holos faction, announced this on the Telegram channel, the Ukrainian News agency reports.

"I do not see the point in describing what is there for a long time, there will be a lot of changes by the second reading. General taxes will be (18+5%) on profit and the first year there will be a preferential rate of 5% on the exit to fiat in the first year). It is still unknown who the regulator (NBU or the National Securities and Stock Market Commission) will be," the MP wrote.

Other details are not reported.

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As the Ukrainian News agency earlier reported, the Rada wants to allow the inclusion of cryptocurrency in gold and foreign exchange reserves.

The Verkhovna Rada Committee on Finance, Tax and Customs Policy recommends that the Rada adopt the bill on the taxation of cryptocurrency.

Committee Chairman Danylo Hetmantsev (Servant of the People faction) expects the Verkhovna Rada to consider the bill on the legalization of crypto assets in the first reading in early September.

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