Despite the fact that the law “On Virtual Assets” was adopted in Ukraine in 2021, the legislation in this area has not yet worked properly. In particular, issues regarding the taxation of transactions with virtual assets are still being resolved.. Alexander Koshevoy talks about this in the article “What is wrong with the law on virtual assets? ”, where the “Concept of taxation of transactions with virtual assets” was first published.

For example, the creation of virtual assets (mining) is proposed to be taxed differently for individuals and businesses..

For individual investors (when mining is not the main regular activity and source of income), it is proposed to tax income at the time of disposal of the virtual asset. As a rule, individuals carry out mining with the aim of further selling cryptocurrency and generating income in the future.. That is, at the time of the creation of the cryptocurrency, the investor may not have the financial resources to pay the tax, since the income has not yet been received, so the prospect of taxation at the time of the creation of the cryptocurrency may scare off individual investors..

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The question regarding business is that legal entities prepare financial statements, and cryptocurrency is an asset, and accordingly its creation leads to income in accounting. Therefore, a political decision is expected to determine the moment of taxation for business.

For more information on tax proposals, please see:.