Ukrainian Legislator Urges Parliament to Cut Crypto Taxes Until 2030

A Ukrainian legislator has urged parliament during a speech on Monday, October 1 to review his alternative bill on cryptocurrencies that offers to freeze taxes for crypto traders up to 2030.

MP Yuriy Derevyanko, a member of the anti-corruption Movement of New Forces founded back in 2017 by former Georgian politician Mikheil Saakashvili, introduced his version of the bill at the conciliation board of The Verkhovna Rada of Ukraine, the country's unicameral parliament.

"The bill provides tax exemptions for all the participants of crypto market up to 31 December, 2029," Derevyanko stated.

The alternative bill, registered September 27, offers slightly different definitions for cryptocurrencies, blockchain, mining, and tokens.

According to the document, tax holidays will refer to all income from crypto deals both for individuals and entities.

Derevyanko's document opposes the main bill, which several MPs of president Petro Poroshenko's party has put forward earlier this September.

Per the above graphic, the main difference between the two bills consists of their approach to taxation.

Starting January 1, 2024, the tax for business revenues from crypto will rise up to 18 percent.

Ukraine's draft cryptocurrency legislation also contains regulatory provisions against money laundering, terrorist financing, and other criminal activities.

Earlier in June, Ukrainian police arrested four men who were suspected of running at least six fake cryptocurrency exchanges.