Which crypto transactions are subject to mandatory reporting
In Ukraine, income derived from cryptocurrency transactions is subject to mandatory reporting and taxation.
Despite the absence of specialized legislation in this area, citizens are required to report their income to the state on their own.
Danylo Getmantsev, Chairman of the Verkhovna Rada Committee on Financial, Tax, and Customs Policy, emphasized that the state makes no exceptions for digital assets.
Any financial gain received in hryvnia, foreign currency, or crypto assets is considered taxable income.
“If a citizen has earned income, it must be declared and taxed,” emphasized Danylo Getmantsev.
This rule applies to any transactions that have yielded a real benefit to the asset owner.
Several key types of activities in the digital sphere are subject to mandatory reporting.
Specifically, this includes the direct sale of virtual assets at a profit and the exchange of one cryptocurrency for another.
Any other transactions that generate income for the user are also subject to taxation. Thus, cryptocurrency is not officially considered a “gray area” under the current tax code.
Currently, a special law on the cryptocurrency market in Ukraine is still in the process of being drafted and finalized.
However, Getmantsev noted that the absence of a specific legal framework does not exempt individuals from fulfilling their constitutional obligations.
In fact, digital assets are treated the same as standard sources of income, such as wages or investment income.
The state considers these funds to be part of total annual income, subject to taxation at current rates.
The draft law on the regulation of virtual assets has already passed its first reading in parliament. However, the final model for market oversight is still being developed to align with international standards.
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