Ukraine has been consistently moving towards legalizing Bitcoin in the country. The country has also endeavored to establish itself as a transparent nation by auctioning seized items through Blockchain by allowing digitized ledger of transactions for those who interested to see.
On Oct. 30, Ukrainian Parliament’s Committee on Tax and Customs Policy Chairperson Nina Yuzhanina has submitted a bill amending Ukraine’s tax codes covering the cryptocurrencies and their derivatives.
Cryptocurrency transactions likely to be exempted from taxes
Under the bill, all digital currency income and profits will be exempted from taxation, including those from buying, selling, transacting and mining operations.
Based on the note attached to the bill, the tax exemption on virtual currencies is aimed at creating an effective mechanism to stimulate the market of digital currencies in the country…