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Crypto-asset taxation: EU experience and prospects for Ukraine
The article provides a comprehensive financial and legal analysis of the current state of crypto-asset taxation in leading European Union countries and assesses the macroeconomic prospects, regulatory risks, and consequences of implementing relevant legislation in Ukraine. The relevance of the study is driven by the rapid development of the virtual assets industry, where Ukraine ranked 8th globally and the 1st in Europe in terms of crypto adoption in 2025. Despite this, the domestic market continues to operate under conditions of legal uncertainty and significant fiscal pressure. The evolution of the supranational European regulatory architecture is investigated, with a special focus on the MiCA regulation and the DAC8 directive, which introduces mandatory automatic exchange of information on crypto-asset transactions starting January 1, 2026, marking a new era of tax transparency. A comparative analysis of national tax regimes in Germany, France, Spain, and Cyprus is conducted, revealing a significant disparity in fiscal burden: from full tax exemption for long-term investments to flat rates of 30% and competitive 8%. The European experience is contrasted with current Ukrainian practice, where the lack of specific legislation forces tax authorities to treat the entire volume of withdrawn funds as net income, taxing it at a combined rate of 23%, creating a destructive environment for investors. The transformational potential of the revised draft law No. 10225-d is thoroughly analyzed. It envisages a shift to a net investment profit taxation model, the introduction of a loss carryforward mechanism, and the establishment of a preferential 10% rate in 2026 for the legalization of assets acquired before the law enters into force. Using a SWOT analysis, the key threats and opportunities of the reform are identified. It is substantiated that harmonizing national legislation with EU standards is an unalterable prerequisite for the de-shadowing of the market, attracting institutional capital, and successfully implementing the national digital currency (e-hryvnia). A number of recommendations are proposed: lowering the base tax rate to a competitive European level (12-15%) after the transitional period, adapting the simplified taxation system for Web3 micro-businesses, and accelerating the development of IT infrastructure for tax monitoring needs according to CARF and DAC8 standards.
Keywords: crypto-assets, taxation, economy, MiCA regulation, DAC8 directive, investment profit, virtual assets, Ukraine, EU.
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