Ukraine's parliament has approved the first draft of a bill aimed at legalizing and taxing Bitcoin and other cryptocurrencies, marking a shift towards regulated digital assets within the country.
Bill Approval in Parliament
The bill was backed by 246 out of 321 parliament members, indicating strong political support. Key spokesperson Yaroslav Zhelezniak noted, *'246 deputies supported the bill on the first reading, with significant amendments expected before the second reading.'*
Impact on Ukraine's Cryptocurrency Market
The bill's immediate repercussions are profound, especially for Ukraine's crypto sector. Ukraine has one of the highest crypto adoption rates globally, with approximately 16% of citizens engaging in crypto assets.
Future Prospects and Possible Consequences
The proposal suggests an 18% income tax and a 5% military tax on digital asset profits, which may promote early fiat conversion compliance. Experts foresee increased regulatory oversight and potential technological advancements in the blockchain space.
The approval of the bill on the legalization and taxation of cryptocurrencies in Ukraine highlights the country's commitment to establishing a regulated environment for digital assets, which may lead to long-term changes in the market and its infrastructure.
