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2020-04-01 08:13:00

Will cryptocurrency miners want to legalize

Although the Ukrainian government has promised assistance to crypto businessmen, they still need to be careful and comply with the law as much as possible.

Everything goes to the taxation of the crypto business. And actually no one hides it. The officially declared goal is to remove mining from the shadows and replenish the budget.

The appearance of cryptocurrency mining in the classifier of types of economic activity (CED) will help to detail the conditions if miners want to pay taxes in Ukraine. The main thing is that this KVED, for example, does not subsequently appear in the list of activities prohibited for single tax payers. Or they’ll take, for example, they will declare “kryptonhedra” the property of the people of Ukraine, and they will issue licenses for the extraction of useful cryptocurrencies.

What will the QED provide? It will become clearer how to fill out a registration card for this type of activity. This is especially important for FLP - single tax payers. In KVED it is possible to keep records, write off expenses, and only theoretically pay taxes.

But this is not enough. Let's say a miner received income in bitcoins. What is it in the context of taxation? The versions are different. Deputies declare it as movable property, lawyers would like to see it as an investment or intangible asset, someone is talking about currency. In fact, cryptocurrencies allegedly do not exist in our legal reality.

You conjured, for example, of electrons, zeros and ones yourself bitcoins as movable property. Let's say it needs to be put on balance. It is unclear at what price. This property itself is not subject to taxation. You pay the tax already when you receive income from the sale. There is bill No. 7183, which has been hanging in the Verkhovna Rada (BP) since the end of last year, in which the cryptocurrency received as a result of mining, as a reward to the miner, is already called an object of taxation. Just how to evaluate the base is not clear.

If you do not understand the status of the “crypt”, then at least with the KVED, even without the KVED, it is incomprehensible how to tax VAT on the sale of mined goods. If this property, then there will be VAT. What to write in this case on the tax invoice. And a bunch of questions related to the identification of owners of purses, place of income and so on.

I do not think that the MEA for mining has appeared to include it in the tax break classifier. Although other bills 7183-1 and 7246 times provide for tax benefits for this type of activity.

Even the NEA refers directly to the issue of electricity tariffs. And who knows how the regulator will approach this, they will set higher tariffs for this type of activity or, conversely, preferential rates. By the way, another bill 7183-1, which lies in the Verkhovna Rada, provides for just preferential rates.

With QEDA, you can safely include mining in audit plans, assign them risk criteria. Gosstat will also be glad that one more Excel plate can be downloaded to the website about the volume of the crypto-mining industry. And the Ministry of Finance will be able to calculate how much next year it is possible to cut taxes from this fertile field.

Of course, it is very nice that the profession of a miner will appear. Maybe when the miners' dream comes true - to include their QED in the “hot” network, and they will become preferential pensioners.

But the thesis about legalization is a bit annoying. Mining has never been a forbidden activity, it's not the cultivation of marijuana. It turns out that the government says that they want to reduce force pressure on business. In fact, they themselves contribute to this pressure when they talk about “legalization”. According to their logic, everything that happened before the appearance of the KVED was illegal. I don’t know how the presence of the KVED can reduce the force pressure - there are no fewer articles in the criminal code to decide on a search.

KVED is a good occasion to hang in ministerial offices and facebook on the topic of promoting crypto business. And for the crypto community - an occasion to breathe. But it's too early to exhale. And it’s better - they themselves actively intervene in the government’s writing of the rules of work for the critical business.


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