Ukraine defines cryptocurrencies as intangible assets

Author: Xiu MU

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The Ukrainian National Corruption Prevention Agency (NAPC) has defined digital currency as an intangible asset in a recently issued guide.

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According to Forklog, the definition of the Ukrainian institution is in line with the global financial regulator's Financial Action Task Force (FATF) 's view of cryptocurrencies.

Ukraine's income declaration must be filed by April 30, so the country's tax season is coming. The report clarified that Ukrainian nationals need to declare the crypto assets of themselves and their family members, just like any other intangible asset.

The guide states that "the declaration document must include the name of the asset, the date, quantity and total cost of the last purchase of the cryptocurrency." It also stated that the value of the digital currency should be expressed in Ukrainian legal tender.

A similar clarification was made by the German Federal Financial Supervisory Authority (BaFin) before Ukraine's guidance on digital currencies was issued, which is currently considering cryptocurrencies as a financial tool. BaFin also refers to the FATF guidelines on digital currencies and proposes its views on emerging markets.

Ukrainian Finance Minister Oksana Markarova said in February this year that the State Financial Supervisory Service (SFMS) of Ukraine will become the regulator responsible for tracking the source of citizens' crypto wallet funds. As part of its regulatory policy, SFMS will not only be able to find out the source of cryptocurrencies, but also detect how these funds are used.

On December 6, last year, the Ukrainian Parliament issued the final version of the anti-money laundering law, which will regulate virtual assets and virtual asset service providers in accordance with the provisions of the Financial Action Task Force (FATF). The document states that cryptocurrency transactions fall between operations that must be monitored by relevant agencies.

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