According to a high-ranking official from the Kyiv Ministry of Finance, due to the lack of special regulation, Ukrainians will pay a regular 19.5% income tax on their profits from cryptocurrency operations such as trading and mining.
However, according to the Deputy Minister of Finance of Ukraine Sergei Verlanov, the issue of taxation on the cryptocurrency income is greatly exaggerated. Everything is much simpler than it seems at first glance:
“Two types of operations are possible with cryptocurrency – mining and trading. So, let’s say we bought bitcoin for 1,000 hryvnias; then we were lucky and it went up to 2,000 hryvnias; then we left bitcoin and credited the funds to a bank card. The change is 1,000 hryvnias. We impose income tax on it,” he elaborated, adding: “The rate is 19.5% – whether this is a lot or a little, is a rhetorical question.”
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