Do you really expect legal clarity for the crypto market?

[pacar_tiri]

~

I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.

After resolving the legal issue, crypto tax will be the next issue we have to fight!

Ukraine is trying to control cryptocurrency in circulation by providing additional taxes for those who use cryptocurrency, so I think the government already knows the potential that exists in cryptocurrency so they choose to seek cryptocurrency from the taxes provided by its users.

Yeah taxes in Ukraine regarding Cryptocurrency I think are the same as blackmail carried out by criminals covered by the government.

[antonyyu3]

This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.

[DrBeer]

Unfortunately, the Ukrainian government did not choose an adequate path and did not accept preferential taxation of transactions with cryptocurrencies...

“The Verkhovna Rada of Ukraine will not consider the proposal to introduce preferential taxation of personal income on transactions with digital assets,” the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, said in an interview with Interfax-Ukraine.

“We don’t want to, frankly, stimulate crypto activity, which is inherently speculative and does not create added value and jobs,” he explained.
According to him, the National Commission for Securities and Stock Market of Ukraine (NCSM) was unable to develop a high-quality bill on virtual assets, so the committee is discussing an alternative document from Servant of the People deputy Alexander Sova.

Getmantsev noted that two key issues remained unresolved: taxation and market regulator."

From what I understand, crypto is recognized in Ukraine, but taxes may not be as low as investors expect.

I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.

After resolving the legal issue, crypto tax will be the next issue we have to fight!

What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of ​​"taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.

[elbans89]

This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.

The government may have just studied the legal clarity of bitcoin from crypto currency.  In some countries it has been legalized and in some countries it is only permitted as an investment but there is no legality for it as a payment method.  Bitcoin is a valuable asset, but it may be the government's first time learning the advantages and disadvantages of legalizing it.

[KryptoBull]

Ukraine is trying to control cryptocurrency in circulation by providing additional taxes for those who use cryptocurrency, so I think the government already knows the potential that exists in cryptocurrency so they choose to seek cryptocurrency from the taxes provided by its users.

Yeah taxes in Ukraine regarding Cryptocurrency I think are the same as blackmail carried out by criminals covered by the government.

It doesn't really sound good for crypto investors in Ukraine. I hope this is just a temporary thing and in the future, when Ukraine will join the EU, the MiCA law may also be accepted and enforced. At that time, every investor in the EU will be equal and have the most suitable environment to invest and earn profits from crypto!

What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of ​​"taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.

I hope that after the war, Ukraine will have significant reforms in many aspects of society: politics, economics, diplomacy. I believe that President Volodymyr Zelenskyy is a patriot, he will do everything to protect and ensure the development of Ukraine!

Crypto can be a potential field to revive the economy, hopefully crypto will contribute to the reconstruction and construction in Ukraine!

[Gurujebs]

This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.

Regulation from a particular country don't do much on crypto, highest they can do is to restrict people from that particular place but the effect is within the locality. The effect will be small and even if the country is big, the people might just sell and then dump everything on the market where other people will buy and then the price will retrace to where it was trading before the regulations.

What I know that the government can make people buy crypto if they allow it free and fair for people to buy but they can't stop people from buying it, there are other one thousands wey to buy bitcoin and stay private even if the government want to forcefully ban crypto or regulate it.

[DrBeer]

Ukraine is trying to control cryptocurrency in circulation by providing additional taxes for those who use cryptocurrency, so I think the government already knows the potential that exists in cryptocurrency so they choose to seek cryptocurrency from the taxes provided by its users.

Yeah taxes in Ukraine regarding Cryptocurrency I think are the same as blackmail carried out by criminals covered by the government.

It doesn't really sound good for crypto investors in Ukraine. I hope this is just a temporary thing and in the future, when Ukraine will join the EU, the MiCA law may also be accepted and enforced. At that time, every investor in the EU will be equal and have the most suitable environment to invest and earn profits from crypto!

What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of ​​"taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.

I hope that after the war, Ukraine will have significant reforms in many aspects of society: politics, economics, diplomacy. I believe that President Volodymyr Zelenskyy is a patriot, he will do everything to protect and ensure the development of Ukraine!

Crypto can be a potential field to revive the economy, hopefully crypto will contribute to the reconstruction and construction in Ukraine!

It would be ideal that the economy, when the situation with the Ukrainian economy is going through very difficult times, should now be actively supported and made investment-attractive. And this is the task of the president, the presidential administration and the government.
Cryptoeconomics has a great advantage over the classical economy - it can actively develop even in such a difficult situation. But it seems that Ukraine is missing this opportunity. And that's bad

[KryptoBull]

It would be ideal that the economy, when the situation with the Ukrainian economy is going through very difficult times, should now be actively supported and made investment-attractive. And this is the task of the president, the presidential administration and the government.
Cryptoeconomics has a great advantage over the classical economy - it can actively develop even in such a difficult situation. But it seems that Ukraine is missing this opportunity. And that's bad

To be honest, it is not easy to focus on economic development in a war situation. Everything needs to be changed to ensure people's safety and best support for the military. I think right now your government cannot focus on crypto or some big change related to economy.

As I mentioned, MiCA will probably be applied, it has been approved by the EU so I think it is a pretty good legal framework for now.

[doc]

This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.

Regulation from a particular country don't do much on crypto, highest they can do is to restrict people from that particular place but the effect is within the locality. The effect will be small and even if the country is big, the people might just sell and then dump everything on the market where other people will buy and then the price will retrace to where it was trading before the regulations.

What I know that the government can make people buy crypto if they allow it free and fair for people to buy but they can't stop people from buying it, there are other one thousands wey to buy bitcoin and stay private even if the government want to forcefully ban crypto or regulate it.

If there is government regulation regarding crypto, of course this will have a good impact on crypto lovers because they feel protected by this legality. If this happens, it is certain that crypto will be more attractive to citizens.

[DrBeer]

It would be ideal that the economy, when the situation with the Ukrainian economy is going through very difficult times, should now be actively supported and made investment-attractive. And this is the task of the president, the presidential administration and the government.
Cryptoeconomics has a great advantage over the classical economy - it can actively develop even in such a difficult situation. But it seems that Ukraine is missing this opportunity. And that's bad

To be honest, it is not easy to focus on economic development in a war situation. Everything needs to be changed to ensure people's safety and best support for the military. I think right now your government cannot focus on crypto or some big change related to economy.

As I mentioned, MiCA will probably be applied, it has been approved by the EU so I think it is a pretty good legal framework for now.

Let's just say I expected it to be a lot worse. Yes a huge tragedy in hundreds of destroyed Ukrainian cities and towns, hundreds of thousands of Ukrainian civilians killed in the most barbaric way, millions of displaced persons, destroyed economy of entire regions.....
But we managed to "adapt" to these terrible circumstances. The currency exchange rate is quite stable, many companies, having lost their business in temporarily occupied or destroyed regions, have restored it in other regions, new business directions have appeared. And the legislative investment attractiveness of the cryptocurrency market could give my Ukraine even more investment and opportunities. War is not a reason to "put your hands down" and fall into despondency, regardless of everything that is happening.

[Mr. Magkaisa]

Unfortunately, the Ukrainian government did not choose an adequate path and did not accept preferential taxation of transactions with cryptocurrencies...

“The Verkhovna Rada of Ukraine will not consider the proposal to introduce preferential taxation of personal income on transactions with digital assets,” the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, said in an interview with Interfax-Ukraine.

“We don’t want to, frankly, stimulate crypto activity, which is inherently speculative and does not create added value and jobs,” he explained.
According to him, the National Commission for Securities and Stock Market of Ukraine (NCSM) was unable to develop a high-quality bill on virtual assets, so the committee is discussing an alternative document from Servant of the People deputy Alexander Sova.

Getmantsev noted that two key issues remained unresolved: taxation and market regulator."

From what I understand, crypto is recognized in Ukraine, but taxes may not be as low as investors expect.

I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.

After resolving the legal issue, crypto tax will be the next issue we have to fight!

What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of ​​"taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.

        -    The country of Ukraine as far as I know is a country that is open to blockchain technology or Bitcoin in fact. Now here in our country, our government is also open because there are many regulated local exchanges allowed by our government.

That's why I'm still grateful because our country is not strict with blockchain technology, because there are many merchants and bitcoin community who enjoy the digital currency as far as I know.

[EthereumDev_]

If there is government regulation regarding crypto, of course this will have a good impact on crypto lovers because they feel protected by this legality. If this happens, it is certain that crypto will be more attractive to citizens.

As far as I understand, Cryptocurrency can never be regulated by the government, the government may only provide clear regulations regarding the use of Cryptocurrency which has very high risks and of course the government is not responsible for the risks that occur in Cryptocurrency which are entirely at your own risk.

[DrBeer]

....
        -    The country of Ukraine as far as I know is a country that is open to blockchain technology or Bitcoin in fact. Now here in our country, our government is also open because there are many regulated local exchanges allowed by our government.

That's why I'm still grateful because our country is not strict with blockchain technology, because there are many merchants and bitcoin community who enjoy the digital currency as far as I know.

Yes, this may come as a surprise to some, but ... "Ukraine ranks fifth in the world for the use of cryptocurrencies. Such data was obtained by Chainalysis company as a result of its own survey "World Crypto Adoption Index 2023". Chainalysis is one of the most reputable companies in blockchain analytics."

And the state would be wise to support this with preferential taxation, at least until the war/victory over the aggressor is over. Cryptocurrency technology can give the economy an inflow of investments, new jobs and new tax revenues. With a reasonable and balanced taxation system.

I hope that in your country the government will act more reasonably, and make more comfortable conditions for the development of blockchain technology

[IvugeoEvolutionCoin]

As far as I understand, Cryptocurrency can never be regulated by the government, the government may only provide clear regulations regarding the use of Cryptocurrency which has very high risks and of course the government is not responsible for the risks that occur in Cryptocurrency which are entirely at your own risk.

Unfortunately, currently many governments from various countries are starting to prohibit and oppose the use of Bitcoin such as China, Qatar, Oman, Saudi Arabia, Algeria, Morocco, Bangladesh, Nepal, Kosovo, Cambodia. Maybe it is very strange to know this because several countries actually consider their citizens not to suffer losses due to Cryptocurrency.

[therozaq]

As far as I understand, Cryptocurrency can never be regulated by the government, the government may only provide clear regulations regarding the use of Cryptocurrency which has very high risks and of course the government is not responsible for the risks that occur in Cryptocurrency which are entirely at your own risk.

Unfortunately, currently many governments from various countries are starting to prohibit and oppose the use of Bitcoin such as China, Qatar, Oman, Saudi Arabia, Algeria, Morocco, Bangladesh, Nepal, Kosovo, Cambodia. Maybe it is very strange to know this because several countries actually consider their citizens not to suffer losses due to Cryptocurrency.

You are right, the government should allow its citizens to invest and use crypto as a means of payment. Even though we understand, bitcoin is volatile. But this is a technological advancement, I think it will have a good impact if managed well.