Ukrainian Taxpayers Will Now Have to Report Crypto Holdings

Ukraine’s revenue agency has published guidance for taxpayers to report their cryptocurrency holdings. 

According to the new document, first reported by Russian-language crypto news outlet Forklog, taxpayers should report digital assets as intangible property, similar to intellectual property or licenses for natural resources extraction.

The guidance indicates cryptocurrencies, according to the Financial Action Task Force’s (FATF) definition, are a digital unit of value, which can be traded electronically and transferred, and used as a means of payment or investment. 

To report cryptocurrency holdings, taxpayers should name the assets they hold (such as bitcoin (BTC), ether (ETH), XRP, etc.) as well as the date of acquisition, the amount owned on the last day of the tax period, and the value of the holdings in Ukraine’s national currency (the hryvnia) according to the exchange rate on the last day of the tax period. 

Ukraine has recently made a series of moves aimed at…