{"id":11673,"date":"2019-05-20T18:34:10","date_gmt":"2019-05-20T15:34:10","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=11673"},"modified":"2019-05-21T18:45:03","modified_gmt":"2019-05-21T15:45:03","slug":"approaches-to-taxation-cryptocurrency-in","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/approaches-to-taxation-cryptocurrency-in\/","title":{"rendered":"Lagodienko Natalia, Volosyuk Yuriy, Endres Vitaly, Buganov Oleg, Approaches to Taxation Cryptocurrency in Ukraine and the World"},"content":{"rendered":"

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JEL<\/strong> Classification:<\/strong> G28; G32; G38; Q14.<\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V14(2019)-21<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]<\/p>\n

Lagodienko Natalia<\/strong>, Ph.D. (Economics), Senior Lecturer, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0003-3528-0519<\/a>
\ne-mail<\/strong>: lagodienko@mnau.edu.ua<\/a><\/p>\n

Volosyuk Yury<\/strong>, Candidate of Technical Sciences, Associate Professor, Acting Head of Department, Ph.D., Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0001-9471-8272<\/a>
\ne-mail<\/strong>: volosyuk@mnau.edu.ua<\/a><\/p>\n

Endres Vitaly<\/strong>, applicant for higher education of Accounting and Finance faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0001-8724-8890<\/a>
\ne-mail<\/strong>: andres@mnau.edu.ua<\/a><\/p>\n

Buganov Oleg<\/strong>, applicant for higher education of Accounting and Finance faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0002-2068-0440<\/a>
\ne-mail<\/strong>: buganov@mnau.edu.ua<\/a><\/p>\n

Approaches to Taxation Cryptocurrency in Ukraine and the World<\/h2>\n

 <\/p>\n

Abstract. Introduction<\/strong>. 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.<\/p>\n

Purpose<\/strong>. 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.<\/p>\n

Results<\/strong>. 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.<\/p>\n

Conclusions<\/strong>. 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.<\/p>\n

Keywords<\/strong>: cryptocurrency; means of payment; goods; value added tax; capital gains tax.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Kuznjecov, V. O. Pro pidkhody v mizhnarodnomu reghuljuvanni kryptovaljut v okremykh inozemnykh jurysdykcijakh. Retrieved from https:\/\/www.cbr.ru\/publ\/MoneyAndCredit\/kuznetcovpdf [in Russian]<\/li>\n
  2. IRS Notice 2014- 21. IRS Virtual Currency. Retrieved from http:\/\/bit.ly\/29O53ic [in English].<\/li>\n
  3. 85 More Guidance from the CRA on Bitcoin Activities and Transactions. Retrieved from http:\/\/bit.ly\/2iwNlGm [in Russian].<\/li>\n
  4. Australian Tax Office Explains Bitcoin, Intends to Tax it. Retrieved from https:\/\/www.coindesk.com\/australian-tax-office-explains-bitcoin-tax [in Russian].<\/li>\n
  5. China Releases First Regulatory Report on Bitcoin Businesses Retrieved from http:\/\/bit.ly\/2hI2DXW [in Russian].<\/li>\n
  6. Regulating bitcoins. Retrieved from http:\/\/bit.ly\/29wqSBz [in Russian].<\/li>\n
  7. Income Tax Circular No. 2017: Taxation of activity in virtual currencies Retrieved from https:\/\/goo.gl\/jWE28s\u00a0 [in Hebrew].<\/li>\n
  8. Pravove reghuljuvannja kryptovaljutnogho biznesu. Retrieved from https:\/\/goo.gl\/XPjghK [in Ukrainian].<\/li>\n
  9. Status Bitcoin v Ukrajini. Retrieved from http:\/\/w1.c1.rada.gov.ua\/pls\/zweb2\/webproc4_1?pf3511=62684 [in Ukrainian].<\/li>\n
  10. Nimechchyna vyznala bitkoin. Retrieved from http:\/\/www.vestifinance.ru\/articles\/31342 [in Ukrainian].<\/li>\n
  11. Pozycija NKCPFR shhodo zakonoproektiv z pytanj vreghuljuvannja obighu kryptovaljut. Retrieved from https:\/\/www.nssmc.gov.ua\/2017\/11\/02\/pozitsya-nktspfr-shtodo-zakonoproektv-z-pitany-vregulyuvannya-obgu-kriptovalyut\/ [in Ukrainian].<\/li>\n
  12. Proekt Zakonu pro vnesennja zmin do Podatkovogho kodeksu Ukrajiny (shhodo stymuljuvannja rynku kryptovaljut ta jikh pokhidnykh v Ukrajini). Retrieved from http:\/\/w1.c1.rada.gov.ua\/pls\/zweb2\/webproc4_1?id=&pf3511=62816 [in Ukrainian].<\/li>\n
  13. Bytkoyn ne pryznaem, no naloghy zaplatyte: Kolumbyja khochet oblozhytj kryptovaljut naloghom, ne pryznavaja ykh. Retrieved from https:\/\/offshorewealth.info\/asset-protection\/bitcoin-is-not-legal-but-taxable-columbia-wants-to-tax-crypto-currencies [in Russian].<\/li>\n
  14. Proekt Zakonu pro vnesennja zmin do Podatkovogho kodeksu Ukrajiny shhodo opodatkuvannja operacij z virtualjnymy aktyvamy v Ukrajini. Retrieved from http:\/\/w1.c1.rada.gov.ua\/pls\/zweb2\/webproc4_1?pf3511=64597\u00a0 [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 27 April 2019<\/p>\n

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    Lagodienko Natalia, Volosyuk Yuriy, Endres Vitaly, Buganov Oleg (2019). Approaches to Taxation Cryptocurrency in Ukraine and the World. Modern Economics<\/em>, 14(2019), 130-135. DOI: https:\/\/doi.org\/10.31521\/modecon.V14(2019)-21.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text] JEL Classification: G28; G32; G38; Q14. DOI: https:\/\/doi.org\/10.31521\/modecon.V14(2019)-21 [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text] 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
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