In recent months, Ukraine has received huge donations in cryptocurrencies that have helped the current government, but most of all the military. Due to the situation generated by Russia, Ukraine is tormented not only by the specter of war, but also by investors turning away from the state and the fall of the hryvnia exchange rate. The legalization of cryptocurrencies in Ukraine is to help stop this and even lead the country to a better future.
The beginning of a catastrophe or a return to normal? The legalization of cryptocurrencies in Ukraine may have two faces
In September 2021, the president of Ukraine vetoed a law legalizing cryptocurrencies, but it was amended and passed this week. This meant that the official legalization of cryptocurrencies in Ukraine, with Bitcoin at the fore, has just taken place, which means that in this country you can already use cryptocurrencies and enjoy clearly defined rights. These, however, are still taking shape, as the Ukrainian National Securities and Exchange Commission and the National Bank of Ukraine are creating regulations regarding the virtual asset market.
This is clearly a move by the Ukrainian authorities to keep the economy at a decent level, but given the volatility of cryptocurrencies, only the future will show whether the legalization of cryptocurrencies will ultimately help or harm the people of Ukraine. On paper, however, the plan makes sense – according to the president, it is to bring the country closer to qualifying it among the most powerful cloud service providers: Google Cloud, Amazon Web Services and Microsoft.
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The plan for Ukraine includes trying to become a global attraction for cryptocurrency companies by offering competitive tax rates. In practice, domestic companies will pay 5% of their profits without value added tax, and individual asset owners will pay 5% and benefit from a grace period until the end of 2025.
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