In a bid to regulate its cryptocurrency space, Ukraines National Agency for Prevention of Corruption (NAPC) has defined clear rules for declaring cryptocurrencies as intangible assets. As such, taxpayers in the country have been mandated to report their crypto holdings following these guidelines, according to a Forklog report on March 3, 2020.
NAPC Defines Rules to Guide Crypto Declaration
Per the report, Ukraines National Agency for Prevention of Corruption (NAPC) has outlined clear rules guiding the declaration of cryptocurrencies as a type of intangible asset in the country.
Reportedly, the NAPCs new rule is in line with the recommendations of the Financial Action Task Force (FATF). The national anti-corruption agency holds that cryptocurrencies are a digital expression of value since bitcoin and altcoins can be transferred, traded in digital format, and used for payments or invested.
Importantly, the NAPCs new rules oblige individuals to report cryptocurrencies held by them or their family members and the declaration must include the name of the virtual asset, the date as at when it was last purchased, the number of coins that were bought, and its price as on the last day of the reporting period.
Whats more, the value of these assets must be denominated in Ukraines fiat currency, Hryvnia (UAH) with the exchange rate calculated using the standard set by the National Bank of Ukraine, as at the last day of the reporting period.
A Long Time Coming
Although the new rule is just coming into effect, the country had since made it clear that residents must report cryptocurrencies owned by them as well as their family members and ...