Ukrainian Parliament passes first reading of law legalizing cryptocurrencies: 23% tax to combat $10 billion in losses from illegal money flows.

Ukrainian Parliament passes first reading of law legalizing cryptocurrencies: 23% tax to combat $10 billion in losses from illegal money flows.

Ukrainian Parliament passes first reading of cryptocurrency legalization law with 23% tax rate

In a significant step, the Ukrainian parliament has passed the first reading of a law legalizing cryptocurrencies. The move comes as the country faces an estimated $10 billion loss due to illicit money flows.

The law imposes a tax rate of 23% on cryptocurrency profits. The aim of the legislation is to create a regulated environment for cryptocurrencies, both to ensure consumer protection and to stabilize the state budget. Legalization is also intended to help make the use of cryptocurrencies in Ukraine more transparent and secure.

The decision to legalize cryptocurrencies is an important part of Ukraine's attempt to reform its economy and modernize its financial sector. The introduction of clear regulation is expected to encourage more companies and investors to make long-term commitments to Ukraine.

The upcoming deliberations and votes in parliament are eagerly awaited, as the legal framework for the crypto industry in Ukraine could have far-reaching effects on the economy and the fight against money laundering.