The Verkhovna Rada Committee supported the draft law on the legalization of cryptocurrencies

The Verkhovna Rada Committee on Finance, Tax and Customs Policy supported the bill regulating the circulation of virtual assets and recommended it for consideration in the first reading. About this reported the head of the committee Danylo Hetmantsev.

The document defines for the first time the concept of virtual asset (VA) as a special type of digital property that exists in electronic format thanks to the use of distributed ledger (blockchain) technology.

According to Hetmantsev, virtual assets are not equivalent to money and cannot be used as an official means of payment in Ukraine. From the point of view of civil law, the legal regime of VA is close to the status of movable property. The wording of the draft law, prepared for the first reading, also provides for the identification of electronic money tokens with the definition of electronic money in the Law “On Payment Services”.

The project divides virtual assets into three main categories:

• Asset-linked tokens — the value of which is stabilized due to the connection with real assets (currency, property);

• Electronic money tokens are tied to one official currency;

• Other virtual assets – this category covers all other types and its content will be determined by the Regulator.

The right to ownership of BA arises as a result of emission, conclusion of a deed, in accordance with the law or on the basis of a court decision, and is confirmed by the possession of access – for example, cryptographic keys.

Public placement of BA requires the preparation of a special document – a “white book” containing complete information about the asset, issuer and risks. This document must be reliable, understandable and not misleading. Any promotional materials must comply with the data from the “white paper”, include warnings about risks and not be distributed before the official release of the document.

Service providers working with VA (storage, exchange, transfer, etc.) must be authorized, meet organizational and financial criteria, and ensure protection of user rights.

In the field of taxation, the draft law provides for the introduction of a separate regime for profits received from transactions with virtual assets. The tax will be paid precisely on the profit, and not on the full volume of operations. The exchange of one virtual asset for another will not be subject to taxation.

If the income does not exceed the amount of one minimum wage, taxes are not calculated. Individuals are obliged to independently declare the income received and pay the appropriate taxes. In addition, in the case of the sale of assets that were acquired before the entry into force of the law, during 2026 it will be possible to take advantage of a preferential personal income tax rate of 5%.