Ukraine Proceeds to Examine Crypto Tax of 10% Amid Legalization Attempts

• The Ukraine government is believed to be working on legalizing crypto as per reports. 
• Lawmakers are examining crypto taxation policies and plan to charge a 10% tax.

Donald Trump’s announcement of the Crypto Summit has revived the market in the past day. Bitcoin has reached the $85K level utilizing the positive propellant, which has also led to the revival of other altcoins. Meanwhile, stepping out of the US, Ukraine reported examining crypto taxations. 

Notably, according to local news reports from Ukraine, the government is making several strides towards making cryptocurrency legal. The reports state that officials are preparing to vote for the relevant bill within the first quarter. Further, they are expecting to legalize cryptocurrency by May 2025. 

In regards to the legalization, the Ukraine government is also examining its taxation policies. Some lawmakers are of the opinion that taxation should be standard — 18% tax and an additional 5% military levy. However, one particular spokesperson, Taras Kozak stated that he is inclined towards a small tax amount of 5 to 10%. 

These advancements suggest that the Ukraine government has modified its approach towards cryptocurrency. Moreover, the country has also not seen many investors in Bitcoin and Ethereum. Investors constitute 4.93% of the total population. 

How Is the Ukraine Crypto Landscape Fairing? 

Among several European nations’ recent crypto adoption, the Ukrainian government is one of the latest to join them. Previously, the government maintained a hostile attitude towards digital assets, banning them. The government’s lack of participation in the industry also reflects this attitude towards cryptocurrency. 

Recently, a military deal with the USA raised speculations of crypto involvement. Apart from this, in 2022, the Ukraine government was experimenting with CBCDs. However, this recent announcement of legalization might increase crypto investors’ percentage in the nation.

Finally, on a global scale, crypto adoption has spiked significantly in the past few months. With Bitcoin hitting $100K, mainstream individuals seem to have gained confidence in the sector.  

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