💡 The Verkhovna Rada Committee on Finance, Taxation, and Customs Policy has approved the reworked draft law on the regulation and taxation of virtual assets for the first reading. The document is now ready for a vote in parliament.
Source: OBOZREVATEL
💬 The first deputy head of the committee, Yaroslav Zheleznyak, reported that the draft law was unanimously supported by all 25 committee members.
📊 The committee chairman, Danilo Hetmantsev, explained that the draft law proposes defining a virtual asset as a special type of digital object that exists through blockchain technology. Virtual assets are not money but can be equated with electronic money.
🔖 The draft law proposes dividing virtual assets into three categories:
- Tokens linked to assets (currency, property).
- Electronic money tokens (linked to a single currency).
- Other virtual assets, the category of which will be determined by the Regulator.
📝 For public cryptocurrency offerings, the issuer must prepare a “white paper” — a document containing detailed information about the asset and its risks.
💰 Regarding taxation, it is proposed to:
- Introduce separate taxation of income from virtual asset transactions for individuals.
- Tax profits from virtual asset transactions as the difference between sales revenue and acquisition costs of virtual assets.
- Require individuals to independently declare their income and pay taxes.
- Set a preferential personal income tax rate of 5% for cryptocurrency purchased before the law comes into effect.
💼 For legal entities, new adjustments for financial results will be introduced, as well as exemptions from VAT for operations involving the issuance, exchange, sale, and redemption of virtual assets, except for NFTs and certain other operations.
🔒 Virtual asset transactions are prohibited for single tax payers, and service providers related to virtual asset transactions will not be able to use the simplified tax system.