Lagodienko Natalia, Ph.D. (Economics), Senior Lecturer, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0003-3528-0519
e-mail: lagodienko@mnau.edu.ua

Volosyuk Yury, Candidate of Technical Sciences, Associate Professor, Acting Head of Department, Ph.D., Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0001-9471-8272
e-mail: volosyuk@mnau.edu.ua

Endres Vitaly, applicant for higher education of Accounting and Finance faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0001-8724-8890
e-mail: andres@mnau.edu.ua

Buganov Oleg, applicant for higher education of Accounting and Finance faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0002-2068-0440
e-mail: buganov@mnau.edu.ua

Approaches to Taxation Cryptocurrency in Ukraine and the World

Abstract. Introduction. The paper examines and generalizes approaches to taxing cryptocurrencies in different countries of the world with the aim of identifying the most successful experience for its subsequent adaptation and application in the Ukrainian Legislation. The tendencies of the possible change of the cryptocurrencies control vector are revealed. The definitions of cryptocurrency are analyzed, possible variants of their legal status are determined. The analysis of prospects for establishing the legal status of cryptocurrencies in Ukraine is carried out. The draft laws on amendments to the Tax Code of Ukraine were studied. It was established that in Ukraine there was not yet formed the legal framework for determining the legal status and regulation of cryptocurrencies and proposed ways to improve Ukrainian legislation in the sphere of cryptocurrency transactions.

Purpose. The purpose of the study is to analyze the global experience of cryptocurrency taxation in order to identify the best approaches to this problem in Ukraine.

Results. Today, it is impossible to develop a universal mechanism for taxation of cryptocurencies, since there are no single standards for the taxation of digital coins in the world. This is due to the fact that some countries do not want to recognize the use of digital money as legitimate, and countries that have given official status for cryptocurencies use of their own approaches to taxation. The procedure for taxation of transactions using cryptocurencies is governed by the national legislation of the member states. In this case, as a rule, the digital currency is treated as a commodity or an intangible asset, and not as a currency or money.

Conclusions. It has been proved that in the world practice several approaches to determining the legal status and taxation of cryptocurencies with common trends have been formed. To date, Ukraine has not yet set up a legislative framework for the regulation of cryptocurrency, but there is a development of provisions and bills that need to be further elaborated.

Keywords: cryptocurrency; means of payment; goods; value added tax; capital gains tax.

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