Ukraine Legalizes Cryptocurrency: Tax Framework Approved

Ukraine’s parliament has approved the initial step towards legalizing and taxing cryptocurrency, with a bill passing its first reading. The legislation sets forth a tax regime that includes a 23% profit tax on cryptocurrencies, a 18% income tax, and a 5% military levy. Additionally, there is a preferential 5% tax on fiat currency conversions for the initial year. This rate aligns with regulatory practices seen in jurisdictions known for their supportive stances towards cryptocurrency.