monetary unit of Ukraine, issued in circulation not by the National Bank of Ukraine
and made for the purpose of making payments in economic turnover, except currency
values” [10]. In the list of the last cryptocurrency is absent.
In the Law of Ukraine “On securities and the stock market” of February 23, 2006
№ 3480-ІV financial instruments designated as securities, term contracts, money
circulation instruments, interest-bearing contracts, term contracts for exchange in case
of price dependence on interest rate, exchange rate or stock index, options, which give
the right to purchase or sell any of these financial instruments, in particular those
providing for a cash payment [2].
In 2017, two bills were registered in the Verkhovna Rada: “On the circulation of
cryptocurrency in Ukraine” and “On stimulation of the cryptocurrency market and its
derivatives in Ukraine”. These laws are designed to regulate the legal relationship on
circulation, storage, ownership, using and conducting operations via cryptocurrency.
In case of the introduction of legal regulation of cryptocurrency in Ukraine, the
following issues should be solved:
– identify virtual currency (they will also include electronic money), including
cryptocurrency. Such an interpretation should not contradict the definition of the EU,
in particular, taking into account the Association Agreement between Ukraine and the
EU;
– to establish the procedure for taxation of operations on mining, exchange of
cryptocurrency;
– determine the procedure for the creation and operation of the cryptocurrency
exchange;
– establish liability for non-compliance with the requirements of the current
legislation on the use of cryptocurrency [4].
In 2017, a bill was submitted (on May 16, 2018, a conclusion on the project
compliance of the legal act with the requirements of the anti-corruption legislation) on
amendments to the Tax Code of Ukraine, according to which:
1.
profit of enterprises is exempt from taxation, except for financial institutions,
providing financial services in the market of cryptocurrency, received from sale and
purchase cryptocurrency operations;
2.
revenues from transactions with cryptocurrency are not included in the
calculation of the total monthly taxable income;
3.
operations with cryptocurrency and extraction (mining) of cryptocurrency are
not considered to be the object of taxation.
It can be concluded that cryptocurrency in Ukraine is not money in the literal
sense, but serves as a means of payment.
The
theoretical
component
of
accounting
for
operations
with
cryptocurrency. First of all, it is necessary to clearly understand what
“cryptocurrency” or “digital currency” is. Therefore, the very term (cryptocurrency)
claims that the content of the phenomenon which it describes most likely relates to the
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