Blockchain Cryptocurrencies

New Rules: Ukrainian Officials will have to Report Crypto as “Intangible Assets”

The Ukrainian national agency on corruption prevention has laid down how cryptos are to be reported on early income declarations. Cryptos are classified under the intangible asset section right now though they are also mentioned by name.

The new declaration rules published on March 2 is mostly intended for government officials, though it must be submitted by individuals with foreign income and freelancers without a business registration. Under the new rules, cryptos must be reported under the intangible assets section which generally includes objects with an undefined value. One of these may include intellectual rights or brand names. The rules though clearly spell out that cryptos must be mentioned and reported, with the exact required information clearly outlined.

The report compels individuals to report the name of the assets owned, last date of purchase, quantity and overall value of assets being held on the last day of the reporting period. Individuals are also required under the new rules to report virtual assets held by direct family members. The agency has been very clear in its rules on what it considers as a virtual asset. According to the report, a virtual asset does not include coins that are “virtual representations of standard (fiat) currencies, securities or other financial assets.”

The Eastern European country has been touted for being a leader in the crypto space in that part of the continent. December last year saw the country’s parliament pass a money laundering law that regulated the use of crypto-currencies.

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