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Ukranians Need To Declare Crypto Holdings

Ukranians Need To Declare Crypto Holdings

UKRAINE RELEASES GUIDE ON HOW TO DECLARE CRYPTO HOLDINGS-techcryption

The Ukrainian National Agency for Prevention of Corruption (NAPC) has come up with a set of rules on the process of cryptocurrency holdings declaration. It is said that the crypto owned will be classified under intangible asset.

“The document must include the name of the asset, the date of the last cryptocurrency purchase by the declaring entity, the number and total cost of a certain type of cryptocurrency tokens belonging to the declaring subject or a member of his family as of the last day of the reporting period.”

National Agency for Prevention of Corruption

Reportedly, the declaration should be submitted before the end of April and the value of crypto owned should be in Ukrainian Hryvnia. Those who need to declare their crypto holdings are politicians and officials, people with income from foreign countries, and self-employed specialists who are not registered as private entrepreneurs.

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Notably, some Ukrainian officials have already been declaring their crypto holdings since 2016, even before the detailed guideline was released. Based on the year 2017, the wealthiest declarant was Odessa, Deputy Dmitry Palpatin, who had over $134 million in Bitcoin.

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