REUTERS
The commission is going to deal not only with the licensing of crypto stock exchange and crypto exchange services, but also with regulation of the ICO market.
A collective bill providing for a tax of 5% on the withdrawal of crypto assets from stock exchange to real money may soon be submitted to the Verkhovna Rada, Ukraine's parliament.
The document is being developed by MP Oleksiy Mushak, the Novoe Vremya weekly said.
Earlier he said a group of 20 representatives of various companies was co-authoring the bill.
Taxation of 5% on the difference between the price of selling a token and the documented price of its purchase (or the cost of mining) is planned to be introduced from 2019 on a temporary basis – until 2025. Individuals will also have to pay a military fee of 1.5%. The tax will only affect withdrawal of funds into real money or purchases of goods and services, for example, real estate. Transacitons between cryptocurrencies will not be taxed.
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According to Mushak, market participants perceive the project positively. However, the owner of one of crypto exchanges said the rate specified in the bill is a compromise with the Tax Committee of the Verkhovna Rada. "I support zero [tax], but the chances will be zero, too" he said. The volume of the market where a new tax will apply is not fully clear. Mushak said he heard a figure of UAH 2-3 billion, but there is no exact data.
The National Commission on Securities and the Stock Market will act as market regulator.
Its head Timur Khromaev recently said the agency had already prepared a concept for regulating transactions involving cryptocurrencies.
It has not yet been made public.
The commission is going to deal not only with the licensing of crypto exchanges and crypto exchangers, but also regulation of the ICO market (Initial Coin Offering – a form of attracting investments in the form of selling tokens).