When do you need to pay taxes on cryptocurrency?
The National Bank slightly lowered the dollar exchange rate for Monday, April 13. Meanwhile, the euro will rise in value after the weekend, approaching the mark of 51 hryvnias.
What will be the prices of the dollar and euro at the beginning of next week, and in what cases is cryptocurrency taxed? – in the material from RBC-Ukraine.
Also read: Exchange rates on April 10: where is the cheapest dollar today and how much can you actually buy euros for
Main points:
- Exchange rates on April 13: After the weekend, the dollar will decrease to 43.45 UAH (-1 kopeck). The euro will rise to 50.90 UAH (+11 kopecks).
- Storing crypto: The mere fact of having cryptocurrency in your wallets is not a basis for taxation.
- When you need to pay taxes on crypto: The tax obligation arises solely at the moment of profit realization.
NBU Exchange Rates
The National Bank lowered the dollar exchange rate by another 1 kopeck for Monday, April 13. Thus, after the weekend, the dollar will cost 43.45 hryvnias.
The euro will rise in value after the weekend by 11 kopecks. The official euro exchange rate will be 50.90 hryvnias.
How much will the currency cost after the weekend (Infographic RBC-Ukraine)
When is crypto taxed
As RBC-Ukraine expert Olga Brus explained, it is important to remember the basic rule: the mere fact of holding cryptocurrency is not subject to tax.
The obligation to pay tax arises only at the moment of income realization, namely when you:
- sell digital coins for regular money;
- withdraw funds to a bank card or cash out;
- exchange crypto for other assets.
According to Article 164 of the Tax Code of Ukraine, such receipts are classified as “other income” for individuals.
Also read:
- Ukraine’s foreign reserves have significantly decreased: what the NBU says
- EU credit is stalled, IMF conditions are easing: will Ukraine get through spring without a crisis
