FX168 Financial News Agency (Asia Pacific) reports that Daniil Getmantsev, the chairman of Ukraine's Finance, Tax, and Customs Policy Committee, stated that the country will officially legalize Cryptos in the first quarter of 2025, but this legislation will not include tax reductions. Argentine President Javier Milei announced that a free currency circulation plan will be implemented in 2025, allowing the people of that country to freely choose the currency for Trade, including Bitcoin.

Ukraine: Legalizing Cryptos in the first quarter of 2025.

The draft bill for the legalization of Cryptos in Ukraine is currently under review and is expected to be completed in early 2025 in coordination with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF). Its main goal is to regulate Digital Assets while ensuring fiscal oversight.

(Source: CoinTelegraph)

Despite earlier speculation about possible tax incentives, under the legalization framework, standard tax rules similar to those for securities trading will be adopted—this means that profits from all Crypto Trades will be taxed when converted to fiat currency. The legalization of Cryptos in Ukraine will follow Global models and make the country a potential hub for regulated Digital Asset trading in Eastern Europe.

CoinTelegraph reports that a dedicated working group in Ukraine is finalizing the legislative draft for the legalization of Cryptos. According to Getmantsev, the draft should be ready for its first parliamentary reading in the first quarter of 2025.

This legislation will regulate Digital Asset trading while focusing on financial stability and anti-money laundering (AML) measures to create a transparent and legally secure framework for businesses and investors engaging in Digital Assets.

In the ongoing war between Ukraine and Russia, the legalization of Cryptos can provide Ukrainians with a regulated means to obtain financial support, protect their Assets from inflation, and facilitate cross-border Trade without relying on the traditional Banks system, which may be disrupted during wartime. Cryptos have been used for humanitarian aid, donations, and financial stability during crises.

According to data from Chainalysis, the legislation in this program coincides with the rise of decentralized finance (DeFi) in Eastern Europe, which received over 499 billion dollars worth of Cryptos from July 2023 to June 2024.

Contrary to industry expectations and the Crypto tax incentives provided by global leaders, Ukraine's Crypto policy will not include any tax relief. Getmantsev explained that profits from Cryptos will be subject to capital gains tax when converted into fiat currency and added that the committee is "cautious about tax incentives, as they may be used to evade taxes in traditional markets."

The committee's approach aims to limit tax evasion risks while ensuring that the income from Crypto-related financial activities flows to the state and its government use.

Milei: Argentina plans to open Bitcoin for free Trade.

According to Bitcoin.com News, Milei has currently announced his governance plan for the second year of his term, key topics include tax reform, such as cutting national taxes by 90%, and allowing local governments to set their own tax policies.

(Source: Twitter)

It is worth noting that Milei also announced a plan for a free currency circulation program to be implemented in 2025, which will allow the people of Argentina to freely choose the currency for trade, including Bitcoin.

Morocco: will legalize all Cryptos.

While Ukraine begins to regulate digital assets, other countries are taking similar initiatives. Although Morocco banned digital assets in 2017, it has been reported that the country plans to legalize all Cryptos, with the central bank Bank Al-Maghrib preparing a draft law for crypto regulation.

The governor of the Bank Al-Maghrib, Abdelatif Jouahri, revealed that the "draft law" is currently "in the process of being passed".

The Bank Al-Maghrib has also been exploring the possibility of establishing a central bank digital currency to understand how it could help achieve certain public policy objectives.