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Cyber Bitcoin
Independent media "LigaMedia" reported that Alexander Bornyakov, the incoming deputy director of digital transformation in Ukraine, said recently that the government is planning to legalize cryptocurrencies.

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Alexander Bornyakov stressed that Ukraine does not currently ban the use of cryptocurrencies, but if measures can be taken to establish the legal status of cryptocurrencies, it will be able to benefit Ukraine and its government through relevant taxes.

He admits that "the cryptocurrency industry should go out of the gray area and start paying taxes." In addition to the current miners, he believes that Ukraine can also "receive taxes by encrypting currency dealers."

As early as last October, the Ukrainian Ministry of Economic Development and Trade launched a “national policy” to classify cryptocurrency-related activities. The government department claimed at the time that the move was aimed at "creating clear conditions for activities carried out in the virtual assets and virtual currency fields" and introducing a regulatory concept of "using national policies" for cryptocurrency, which is expected to be implemented in two phases. It will be completed in 2021.

To this end, the Ukrainian Ministry of Economic Development and Trade has established legal definitions for several key terms, including: virtual currency (cryptocurrency), virtual assets, ICO or ITO, cryptocurrency mining, smart contracts and tokens.

In mid-September last year, the country's parliament proposed a draft bill that would be levied 5% on cryptocurrencies held by individuals and entities if it was successfully signed into law. For companies that derive profits from cryptocurrency-related activities, it is recommended to set the basic corporate and personal income tax rate at 18%.

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