{"id":126854,"date":"2025-04-10T03:17:23","date_gmt":"2025-04-10T03:17:23","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126854"},"modified":"2025-04-10T03:17:23","modified_gmt":"2025-04-10T03:17:23","slug":"ukraine-floats-23-tax-on-some-crypto-income-exemptions-for-stablecoins","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126854","title":{"rendered":"Ukraine floats 23% tax on some crypto income, exemptions for stablecoins"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUkraine\u2019s financial regulator has proposed taxing certain crypto transactions as personal income at a rate of up to 23% but excluding crypto-to-crypto transactions and stablecoins.\u00a0\u00a0<br \/>\nCrypto transactions would be taxed at 18% with a 5% military levy on top as part of the proposed framework, released on April 8 by Ukraine\u2019s National Securities and Stock Market Commission.\u00a0<br \/>\nNSSMC Chairman Ruslan Magomedov said in an April 8 statement that \u201cthe issue of crypto taxes is not a hypothesis, but a reality that is fast approaching.\u201d\u00a0<br \/>\nHe added that the agency created the framework to help lawmakers make an \u201cinformed resolution\u201d by considering each suggestion\u2019s advantages and disadvantages because \u201cthese aspects can have a critical impact on the market and tax liability.\u201d<br \/>\nUnder the NSSMC\u2019s proposed crypto framework, a tax will be applied when crypto is cashed out for fiat currency or exchanged for goods or services.\u00a0<br \/>\nCrypto-to-crypto transactions wouldn\u2019t be taxed, bringing Ukraine in line with other European countries, including Austria and France, as well as crypto-friendly jurisdictions like Singapore, the NSSMC said.\u00a0<br \/>\nThe regulator says it \u201cmakes sense\u201d to exclude stablecoins backed by foreign currencies or only apply a 5% or 9% tax because Ukraine\u2019s tax code already excludes income from transactions in \u201cforeign exchange values.\u201d\u00a0<br \/>\nA translated excerpt of the NSSMC\u2019s report said stablecoins backed by foreign currencies could be exempt from taxation. Source: NSSMCMining, staking, hard forks and airdrops\u00a0<br \/>\nOther crypto-related activities, such as mining, staking and airdrops, are also addressed in the framework which floated a few options for taxation.\u00a0<br \/>\nThe NSSMC said crypto mining is generally considered a business activity, but there might be a general tax-free limit for certain crypto transactions, including mining.\u00a0<br \/>\nUnder the framework, staking could be considered as \u201cbusiness captive income\u201d or only taxed if the crypto is cashed out for fiat currencies. While hard forks and airdrops could be taxed either as ordinary income or when the tokens are cashed.\u00a0<br \/>\nRelated: Ukraine officials get training on crypto and virtual assets investigation<br \/>\nThe regulator suggests a tax-free threshold could help \u201crelieve the burden on small investors\u201d and is common in other jurisdictions.\u00a0<br \/>\nExemptions for donations, transfers between family members, and holders who keep their crypto for a set amount of time are also flagged as possibilities. However, the NSSMC says the exemption might not apply to non-custodial crypto wallets.\u00a0<br \/>\nLast December, Daniil Getmantsev, head of the tax committee of Ukraine\u2019s parliament, said a draft bill to legalize cryptocurrencies was under review and expected to be finalized early this year.\u00a0<br \/>\nUkrainian President Volodymyr Zelenskyy first signed a law establishing a legal framework for the country to operate a regulated crypto market in March 2022.\u00a0<br \/>\nMagazine: New \u2018MemeStrategy\u2019 Bitcoin firm by 9GAG, jailed CEO\u2019s $3.5M bonus: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/ukraine-floats-23-percent-tax-crypto-excludes-stablecoins?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUkraine\u2019s financial regulator has proposed taxing certain crypto transactions as personal income at a rate of up to 23% but excluding crypto-to-crypto transactions and stablecoins.\u00a0\u00a0 Crypto transactions would&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126854"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126854"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126854\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126854"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}