Latest news with #DanyloHetmantsev
Crypto Insight
2 days ago
- Business
- Crypto Insight
Ukraine to weigh bill regulating crypto market in late August
Ukraine's parliament plans to conduct the initial reading of a crypto regulation bill by late August, according to government officials. The legislation, if approved, could establish a legal framework for digital assets aligned with European standards. 'The preparation of a draft law on taxation of transactions with virtual assets is currently in the final stage,' Danylo Hetmantsev, head of the parliamentary committee on finance, tax and customs policy, told Cointelegraph. 'It is estimated that its submission for the first reading in the Verkhovna Rada is scheduled for the end of August 2025.' A key provision in the bill is the ability for individuals to come forward and legalize previously acquired digital assets. Under the regulation, holders seeking to legalize assets would pay a 5% personal income tax and 5% military duty, Hetmantsev reportedly said. Ukraine has a history of regulatory starts and stops pertaining to the crypto industry. In 2022, the Verkhovna Rada, the country's unicameral parliament, passed legislation legalizing crypto exchanges. However, progress on taxing crypto transactions has been slow. In December 2024, the government disclosed plans for new legislation that would tax cryptocurrency trading similarly to securities, applying taxes when assets are converted into fiat currency. In April 2025, Ukraine's financial regulator proposed taxing certain crypto transactions at a rate of up to 23% but left room for excluding crypto-to-crypto and stablecoins transactions. Ukraine follows other countries with taxation and reserve bills In another crypto effort, legislators introduced in June a bill to allow the National Bank of Ukraine to include cryptocurrencies such as Bitcoin in its reserve. The plan was announced in May at a conference in Kyiv. According to Ukraine is the fourth-largest holder of Bitcoin among governments, with 46,351 BTC worth $5.4 billion at this writing. If signed into law, the legislation would place the country among the few jurisdictions with a codified cryptocurrency reserve. US President Donald Trump signed an executive order creating a strategic Bitcoin reserve in the country on March 6, while Kazakhstan announced plans to form a similar crypto reserve on June 30. Crypto activity has surged in Eastern Europe, with the region receiving $499 billion worth of crypto flows between July 2023 and June 2024. Source:
Straits Times
16-05-2025
- Business
- Straits Times
Ukraine may lose 3.5 billion euros a year if EU trade privileges end, lawmaker says
European Union flags and a Ukrainian flag flutter outside the EU Commission headquarters in Brussels, Belgium, February 24, 2025. REUTERS/Yves Herman/File Photo KYIV - The end of preferential trade with the European Union in June could deprive Ukraine of 3.5 billion euros ($3.92 billion) in annual revenue, a hole other markets will be unable to fill, a senior Ukrainian lawmaker said on Friday. The EU temporarily waived duties and quotas on Ukrainian agriculture after Russia's full-scale invasion and the measures are due to expire on June 5. EU diplomats said on Wednesday the bloc was weighing a return to its pre-war trade agreement with Ukraine while it negotiates a new deal with Kyiv. The head of the parliamentary committee on finance issues Danylo Hetmantsev said on the Telegram messenger that corn, sugar, honey and poultry producers would be hit hardest. "According to expert estimates, the new trade conditions following the end of the 'economic visa-free regime' could cost us 3.5 billion euro annually," Hetmantsev said. He did not elaborate on the source of the estimates. "This is a significant blow – in 2025, total monthly exports of goods averaged 2.9 billion euro, and it is practically impossible to compensate for such losses in agricultural exports in other markets," he said. Ukraine's finance minister said on Wednesday he was in talks with Brussels to renew the emergency measures but the European Commission said no extension was planned. EU farmers have repeatedly protested against a sudden influx of cheaper products from Ukraine and the Commission introduced "emergency brakes" on imports of poultry, sugar, oats, maize, groats, and honey if these exceed the yearly average in 2021-2023. The Commission has also been eyeing a sharp cut to Ukrainian sugar imports amid complaints that large shipments have fuelled a collapse in prices. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
16-05-2025
- Business
- The Star
Ukraine may lose 3.5 billion euros a year if EU trade privileges end, lawmaker says
European Union flags and a Ukrainian flag flutter outside the EU Commission headquarters in Brussels, Belgium, February 24, 2025. REUTERS/Yves Herman/File Photo KYIV (Reuters) - The end of preferential trade with the European Union in June could deprive Ukraine of 3.5 billion euros ($3.92 billion) in annual revenue, a hole other markets will be unable to fill, a senior Ukrainian lawmaker said on Friday. The EU temporarily waived duties and quotas on Ukrainian agriculture after Russia's full-scale invasion and the measures are due to expire on June 5. EU diplomats said on Wednesday the bloc was weighing a return to its pre-war trade agreement with Ukraine while it negotiates a new deal with Kyiv. The head of the parliamentary committee on finance issues Danylo Hetmantsev said on the Telegram messenger that corn, sugar, honey and poultry producers would be hit hardest. "According to expert estimates, the new trade conditions following the end of the 'economic visa-free regime' could cost us 3.5 billion euro annually," Hetmantsev said. He did not elaborate on the source of the estimates. "This is a significant blow – in 2025, total monthly exports of goods averaged 2.9 billion euro, and it is practically impossible to compensate for such losses in agricultural exports in other markets," he said. Ukraine's finance minister said on Wednesday he was in talks with Brussels to renew the emergency measures but the European Commission said no extension was planned. EU farmers have repeatedly protested against a sudden influx of cheaper products from Ukraine and the Commission introduced "emergency brakes" on imports of poultry, sugar, oats, maize, groats, and honey if these exceed the yearly average in 2021-2023. The Commission has also been eyeing a sharp cut to Ukrainian sugar imports amid complaints that large shipments have fuelled a collapse in prices. ($1 = 0.8923 euros) (Reporting by Pavel Polityuk; Editing by Tomasz Janowski)
