Ukraine’s parliament is discussing legislation to hit individuals and businesses with a 5 percent tax on any cryptocurrency-related profits.
The bill would raise the tax rate on commercial entities to 18 percent beginning on Jan. 1, 2024.
What got the legislators’ attention is seen in an appendix to the bill. “Given the current state of affairs,” it’s been hard for Ukrainian companies to raise funds through initial public offerings, the appendix said. At the same time, 19 startups raised $160 million through initial coin offerings.
Legislators estimate the country’s citizens own cryptocurrencies worth about 98.7 billion in the national currency, or about $3.5 billion, according to the appendix, as quoted by CoinDesk. That could mean at least $45 million in taxes annually in 2019-2024. Read more here.