The Ukrainian Verkhovna Rada (parliament) passed a bill to legalize and tax cryptocurrency in its first reading on Wednesday, as reported by MP Yaroslav Zhelezniak. If signed into law, the bill will significantly shape the digital asset economy of this country, which ranks among the top in global cryptocurrency adoption rates.
According to Zhelezniak's announcement on his Telegram channel, the bill passed the first reading with 246 votes in favor. The legislative draft outlines an 18% income tax on profits from digital assets and a 5% military tax. The announcement also indicated that the bill sets a preferential tax rate of 5% for fiat currency exchanges in the first year.
The proposed 23% tax rate aligns with the recommendations made by Ukraine's financial regulators in April. The initial proposal exempted cryptocurrency-to-cryptocurrency and stablecoin transactions, bringing Ukraine's crypto tax regime closer to that of crypto-friendly countries.
"I think there is not much point in detailed discussions now; there will be many changes before the second reading," Zhelezniak said in a translated statement. "It is still unclear who the regulators will be (the National Bank of Ukraine or the National Securities and Stock Market Commission)."
As digital assets gain mainstream attention, the Ukrainian parliament has been advancing crypto legislation this year. In June, the Verkhovna Rada proposed a bill to establish a reserve for crypto assets, and in August, Cointelegraph learned that the tax bill would undergo a first reading.
Ukraine ranks eighth in Chainalysis's 2025 Global Cryptocurrency Adoption Index. The country scored particularly high in centralized value received in both retail and institutional categories, and it also leads in DeFi value received—a sector gaining attention in Eastern Europe.
"The window of opportunity to attract crypto investment and repatriate the overseas assets of Ukrainian crypto enthusiasts has opened," Volodymyr Nosov, CEO of European crypto exchange WhiteBIT, told Cointelegraph. "This is a key factor for revitalizing the economy and modernizing the market […] ."
As the category of crypto assets gains global recognition, more countries are weighing cryptocurrency tax policies. Over the past year, Denmark, Brazil, and the United States have taken action to address crypto tax issues.
In October 2024, the Danish Tax Law Committee proposed a bill to tax unrealized crypto gains. In his report, the Danish Minister of Taxation stated that the approach of the bill would be a simpler way to tax cryptocurrencies. This is still considered a proposal.
In June 2025, Brazil eliminated the exemption on crypto taxes and imposed a unified tax rate of 17.5% on crypto gains against the backdrop of government efforts to raise funds through financial market taxation.
In July, U.S. House representatives prepared to hold hearings on the country's crypto asset tax framework.
Related: Sharplink Gaming CEO: The risks of chasing yields in Ethereum (ETH) treasury companies
Original article: “Ukrainian Parliament Passes Cryptocurrency Legalization Tax Bill in First Reading”
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