Ukrainian regulator does not consider cryptocurrency as a payment instrument

Danylo Hetmantsev, chairman of the Parliamentary Committee on Finance, Taxation and Customs Policy of Ukraine, said that draft law No. 10 225-d on virtual assets will receive many amendments before the second reading. According to him, the committee has already significantly improved the initial text, but there are no final answers to all questions yet. The politician emphasized that the law concerns a completely new market, where it is dangerous to make a mistake, so he expects a wider involvement of specialized experts. This was reported by LIGA ZAKON.

Hetmantsev emphasized that he is ready to change most of the provisions of the draft law, but he rejects the possibility of tax benefits for cryptocurrency transactions. He clarified that taxation will be regular, similar to securities transactions. «This is probably the only thing I am not ready to change. Everything else, if the decision is reasonable and correct, I am ready to change,» the MP said.

At the same time, he emphasized that the adoption of the law would not be hasty. If the Verkhovna Rada of this convocation fails to pass the document in the second reading, it will be inherited by the new parliamentary cadence.

Separately, Hetmantsev confirmed that cryptocurrency will not be able to become a means of payment in Ukraine. «This is the same, and perhaps even worse, than allowing the euro and dollar to circulate. This is a matter of national security and sovereignty,» he said.

The parliamentarian also explained that after the legalization of cryptocurrency transactions, losses can be carried forward to the next tax periods until they are fully covered. If the operations turned out to be unprofitable in the current year, this result can be used in the future to reduce the tax base and, accordingly, pay less taxes.