In Ukraine, it will be possible to pay with cryptocurrency

According to the Deputy Minister of Digital Transformation of Ukraine Alexander Bopnyakov, sellers will be able to accept digital coins for payment through an intermediary who will convert them into fiat money.

The Verkhovna Rada of Ukraine is considering in the second reading the draft law “On virtual assets”, which will legalize the circulation of cryptocurrencies in the country, and will also allow them to pay with the help of acquiring.

Deputy Minister of Digital Transformation of Ukraine Alexander Bopnyakov said this in an interview with the Ministry of Finance .

According to Bornyakov, the bill stipulates that digital assets cannot be used as a means of payment.

At the moment, Ukrainian legislation prohibits making payments in US dollars, but this does not prevent residents of the country from using dollar bank cards to pay for goods and services, the official said.

He explained that when paying, there is an instant currency conversion.

The Law “On Virtual Assets” will allow companies to provide acquiring services for making payments in cryptocurrencies with their instant conversion into fiat, Bopnyakov added.

Also, the Deputy Minister of Digital Transformation revealed the details of regulating the activities of cryptocurrency exchanges.

According to Bornyakov, trading platforms will have to obtain a permit to work in the country.

To do this, they will need to confirm the availability of the required capital. Another requirement for crypto exchanges is the absence of persons from the sanction lists among the founders.

The bill considered by the Verkhovna Rada contains an initiative to impose a 5% tax on income from cryptocurrency transactions.

At the moment, the country levies a tax on the entire value of the asset (upon sale) in the amount of 19.5%. Also, operations with cryptocurrencies are planned to be exempt from VAT.

The draft law “On virtual assets” was adopted by the Ukrainian parliament in the first reading in December last year.

The document regulates operations with cryptocurrency in the country, classifying them as intangible goods.

The function of the market regulator is assigned to the Ministry of Digital Transformation, in some cases – to the National Bank and the National Commission on Securities and Stock Market.

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