Ukraine has begun formal steps to legalize the cryptographic industry, changing a market largely not regulated to one with a defined legal status.
On September 3, Ukrainian legislator Yaroslav Zhelezniak revealed that he and his colleagues approved a bill that legalizes and taxes the use of digital assets in the country.
According to him, the bill presents a fiscal framework that makes transactions subject to an income tax of 18% and a military contribution of 5%.
To encourage compliance, the bill offers a one -year window during which the withdrawals converted to fiduciary currency would be taxed with only 5%.
He added that space regulators have not yet been appointed, with the National Bank of Ukraine and the National Securities Commission and Securities Market.
Meanwhile, he said that new reviews would be made to the bill before the second reading.
The cryptographic industry of Ukraine
The legislative movement occurs when Ukraine faces a growing pressure to carry its cryptographic sector under strict supervision.
A recent study by Royal United Services Institute (Rusi) suggested that the country could recover up to $ 10 billion through the construction of a more solid regulatory system.
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According to the report, the prosperous free sales markets of the country have become a focal point for illicit financial flows, including the purchase of restricted military components, the use of money mule networks and gaps in the rules of verification of donors.
The report linked these weaknesses to broader geopolitical risks, warning that they create opportunities for foreign actors for money in politics and undermine democratic systems.
Institute’s experts also warned that Russian intelligence may be exploiting Ukraine war distractions to channel illicit funds through local intermediaries.
Given this, the report argued that Ukraine runs the risk of being perceived as a cryptographic money laundering center without stronger supervision, which would damage its financial stability and international associations.
The report arrives at an exciting moment, since Ukraine is among the most active cryptographic users in the world. Chainysis data placed the country in the top ten global for adoption and first in Eastern Europe.
This high level of retail and institutional activity has given legislators the additional urgency, since cryptographic regulation is now considered necessary to capture tax revenues and protect the economy from illicit activity.