The National Securities and Stock Market Commission (NSSMC) released a document outlining possible approaches to the taxation of virtual asset operations. The document is called a “tax matrix” and demonstrates how different models may impact the crypto market and tax burden.
According to the proposals, the object of taxation could be either revenue or net income. Income may be recorded at the moment of asset disposal or when exchanged for fiat money or other valuables. There is also a consideration to exempt certain operations — such as gifts or internal transactions — from taxation.
Meanwhile, the head of the parliamentary tax committee, Danylo Hetmantsev, publicly stated that this document is not an official position of the working group and does not reflect the content of the upcoming bill. “Unfortunately, the Securities Commission misunderstood again,” noted Hetmantsev, adding that the draft law is still in development and only planned for future consideration.
📌 What does this mean for the crypto community?
➡ There are no changes in the tax regime for crypto at this point. It remains in a legal and tax gray zone;
➡ NSSMC’s matrix is just an analytical proposal, not a binding rule;
➡ A draft law is not expected before Q2 2025.
📌 How are crypto earnings taxed today and what’s the main issue?
Currently in Ukraine, any deposit to a bank card is treated as taxable income. This means that even if no actual profit is made, the tax is calculated on the full credited amount.
📉 Example:
You sell crypto and receive 10,000 UAH on your card. You then buy another crypto and spend 9,900 UAH. Actual income: 100 UAH.
However! The tax authority considers 10,000 UAH as income and calculates:
· 18% PIT — 1,800 UAH
· 1.5% military levy — 150 UAH
So you pay 1,950 UAH in taxes on just 100 UAH of real profit — not quite fair, right?
📌 Conclusion:
Ukraine needs a new crypto law that👇:
✔ clearly distinguishes between circulation and profit;
✔ allows expense deductions;
✔ encourages transparent cooperation with the state.