Ukraine

Ukraine plans to launch a strategic Bitcoin reserve based on the new cryptocurrency law

ChainCatcher news, according to Coincentral, Ukraine is developing a legal framework for holding Bitcoin in its national reserves, with a specialized parliamentary committee led by financial officials finalizing the legislative draft.Senior lawmaker Yaroslav Zhelezniak confirmed that Ukraine plans to establish a cryptocurrency reserve infrastructure, and he is responsible for overseeing the preparation of the relevant legal draft. The proposal aims to regulate the country's acquisition, storage, and management of Bitcoin reserves, striving to align with the cryptocurrency regulations expected to be introduced in 2025. The law will support the holding of digital assets for national fiscal planning, and authorities will ensure transparency, compliance, and oversight by the central bank and regulatory bodies.It is reported that Ukraine is receiving support from Binance to establish a national Bitcoin reserve, with cooperation including guidance on the reserve mechanism and technical infrastructure, and both parties are actively discussing the implementation of the reserve strategy. Additionally, Ukraine plans to coordinate with the national bank and the International Monetary Fund to pass a comprehensive digital asset law by early 2025, covering fiscal policy formulation, exchange regulations, anti-money laundering measures, and capital gains tax, clarifying the legal responsibilities of market participants and state institutions.

Ukraine plans to impose an 18% income tax on virtual assets

ChainCatcher news, according to Cryptonews, Ukraine has made significant progress in regulating cryptocurrency taxation, with the National Securities and Stock Market Commission (NSSMC) releasing a comprehensive framework for the taxation of virtual assets. The proposal not only presents standard tax models but also includes preferential tax models, indicating that Ukraine is actively aligning its financial system with international digital asset standards. The chairman of the commission, Ruslan Magomedov, announced this proposal on Telegram on Tuesday, suggesting an 18% personal income tax on virtual asset gains, along with an additional 5% military tax, which serves as a special wartime tax primarily used to support national defense. Furthermore, the proposal sets preferential tax rates of 5% and 9% for specific categories, drawing on international experience and adjusting it to fit the Ukrainian legal framework.According to the proposed rules, taxable income can be defined as total income or net income after deducting expenses, typically recognized when payments are received or assets are exchanged for legal tender, non-virtual goods, and services. Transactions solely involving virtual assets do not trigger tax obligations under this framework. Additionally, the document provides tax guidance for activities such as mining, staking, airdrops, and hard forks, clarifying that activities like free token distribution, token creation, and virtual asset storage are exempt from value-added tax, while modifications of tokens or rewards for goods and services paid with cryptocurrency may be subject to taxation. Some transactions may qualify for tax exemption under Article 135 of the EU VAT Directive, particularly services related to payments; however, the commission also noted that such classifications may require further clarification and legal definition.

4E: Tensions escalate between Russia and Ukraine, U.S. stocks fluctuate, Bitcoin hits a new high

ChainCatcher news, on Tuesday the market's attention was focused on the Russia-Ukraine situation. On the 1000th day of the Russia-Ukraine conflict, Russia's new policy has lowered the threshold for using nuclear weapons, causing global financial markets to be on edge, although the overall reaction has been relatively limited.According to 4E monitoring, U.S. stocks experienced a rollercoaster ride, initially declining due to heightened tensions in the Russia-Ukraine situation as investors panicked and turned to safe-haven assets. U.S. stocks collectively fell, but later, as the U.S. responded that there was no reason to adjust its nuclear posture or strategy, the market shook off concerns about nuclear war escalation. Ultimately, only the Dow Jones fell, while the S&P 500 rose slightly, and the Nasdaq gained 1%, with most large tech stocks rising, led by Nvidia with an increase of nearly 5%.The U.S. is embracing cryptocurrency more closely, as pro-crypto candidates are set to lead the U.S. Department of Commerce, ETF options are being listed, and the Trump Media Group is in deep negotiations to acquire the cryptocurrency platform Bakkt. Bitcoin reached a new high, peaking at $93,905, before slightly retreating to $91,900 at the time of writing. The rise in Bitcoin attracted a significant amount of liquidity, while altcoins generally fell.In the forex commodities sector, the U.S. dollar index rose on Tuesday, initially boosted by geopolitical tensions, with safe-haven currencies like the dollar, Swiss franc, and yen gaining traction. However, this boost weakened after comments from Russian and U.S. officials. Spot gold rose nearly 2%, continuing the upward trend from the previous trading day, marking the third consecutive day of gains. Geopolitical tensions supported oil prices, which saw a slight increase on Tuesday.The current market is focused on Nvidia's earnings report on Wednesday. With Nvidia's market capitalization having grown to approximately $3.5 trillion, the expected volatility in its market cap post-earnings is close to the largest ever and will impact U.S. stocks. Additionally, this week investors are also closely watching the cabinet nominations of the Trump administration. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, gold commodities, and forex, recently launching a USDT stablecoin financial product with an annualized return of 5.5%, providing investors with potential safe-haven options. 4E reminds you to be aware of market volatility risks and to allocate assets reasonably.
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