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Ukrainians Debate Crypto Tax Rates Amid Push for Market Legalization

2 March 2025
in News, Regulation
Reading Time: 3 mins read
107 2
Home News

Ukraine is advancing toward legalizing its cryptocurrency market, with officials reportedly considering up to an 18% tax on crypto earnings. 

According to a local news outlet, many in Ukraine’s crypto community favour a 5% tax on income, but the government is leaning toward standard rates—an 18% personal income tax plus a 5% military levy. Additionally, those unable to verify their initial investments may face a 23% tax on their total holdings. 

Taras Kozak, a member of Kyiv City Council and President of the Ukrainian Financial Group Univer,advocated in an interview the outlet for a moderate tax rate on crypto income and added that all income should be taxed. 

“I lean toward a small tax—between 5% and 10%. All citizen income should be taxed because our state lives on this money, our army fights, we buy weapons, and we maintain security,”

Kozak stated..

The tax discussion runs parallel to ongoing efforts to regulate cryptocurrency in Ukraine. Danylo Hetmantsev, head of Ukraine’s parliament finance committee, expects the first reading of a comprehensive crypto regulation bill in late March with full legalization potentially coming by summer. However, Kozak believes the regulatory process could extend into 2026.

Hetmantsev reportedly dismissed hopes for a lower tax rate, asserting that crypto profits will be taxed like stock investments, making the full capital gain taxable.

Notably, the discussion about around crypto taxation has been a mainstay for legislators globally. In November 2024, Japan’s Prime Minister Shigeru Ishiba pledged to reduce the country’s cryptocurrency tax rates from as high as 55% to a flat 20% following agitations from his government’s opposition party. The proponents believe the tax cuts would help modernize Japan’stax policies, boost its token economy, and provide financial relief to households. 

RELATED: Are Crypto Taxes a Sustainable Source of Government Revenue?

Meanwhile, in South Korea, the city of Gwacheon is taking steps to tighten crypto tax enforcement. Officials plan to introduce an electronic system to track cryptocurrency wallets linked to tax evasion.  Although South Korea has postponed its 20% crypto tax until at least 2027, the government has already granted local tax agencies in certain regions the authority to seize digital assets from residents under investigation. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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