There is a large number of Bitcoin users in Ukraine. On this indicator, it is included in the TOP-10 countries of the world. Legal regulation of operations with cryptocurrencies in Ukraine has many features and pitfalls.
Despite this, Ukraine still does not have the status of a cryptocurrency. The relevant legislation is under development, and the taxation is formed according to the basic rules.
The National Bank of Ukraine in November 2014 made an official statement regarding Bitcoin. It argued that the cryptocurrency is a kind of money surrogate, which has no security and cannot be a means of payment.
Based on this document, all risks were borne by users.
The reaction did not keep itself waiting. Bitcoin Foundation Ukraine commented on the reaction of the NBU and indicated that this document does not directly prohibit the use of cryptocurrency.
Moreover, criticism was voiced about the equalization of Bitcoins to money substitutes.
The authors of the commentary maintained that any currency of the world, including the hryvnia, is used for unlawful actions at least as much as the Cryptocurrency.
The comment ended with a wish to create a legal settlement of Bitcoin in the country.
After such correspondence, a proposal was received from Bitcoin Foundation Ukraine, addressed to the National Bank.
The company was ready to advise on the status of the cryptocurrency and help the Ukrainians to work with the payment system. In late April 2015, the NBU expressed its readiness to cooperate.
Until now, there are no laws that would regulate the activity of the country’s cryptocurrency. Also, there is no status of digital currencies.
The only existing document that relates to the cryptocurrency is an explanatory letter from the NBU, where the opinion is expressed that bitcoins are a monetary surrogate.
On the one hand, this document does not bear any regulatory framework. On the other hand, it was on him that the Court of Appeal of Ukraine relied on the decision in 2016.
The court noted that Bitcoin is not part of the material world and confirmed that the use of digital money has not been settled in any way.
At the moment, there are no additional requirements for the operation of cryptocurrencies.
Since there is no legal framework that would in any way allocate the cryptocurrency, in this case the standard rules of taxation are applied.
Thus, incomes of individuals obtained in digital currency are taxed at the rate of 18%, and legal entities – on the basis of an individual taxation system.
There is no clear opinion about VAT, since the cryptocurrency is not an official commodity.
By the end of 2017 there were several cases of definitions relating to criminal proceedings related to cryptocurrency.
For example, in January 2015, a judge of the Desniansky district of the Chernigov court issued a ruling that allowed the investigator to gain access to the suspect’s personal belongings.
The reason for this was the need to study the movement of funds on bank cards.
Interestingly, one of the reasons for this definition was the assumption that the suspect used the cards, including in order to get a “freely convertible currency for the exchange of cryptocurrency bitcoin.”
Also, in the role of the argument, information was provided that the suspect is one of the founders of a legal entity that was engaged in “issuing Bitcoin crypto currency”, which is prohibited by the Law of Ukraine “On the National Bank of Ukraine”.
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