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Ukraine Drafts Law to Exempt Crypto Income and Profits from Taxation

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Ukraine Drafts Law to Exempt Crypto Income and Profits from Taxation

A bill has been submitted to the Ukrainian parliament to amend the country’s tax code to exempt cryptocurrency income and profits from taxation, including from buying, selling, transacting, and mining.

 

Bill Seeks Crypto Tax Exemptions

The head of the Committee on Tax and Customs Policy of the parliament of Ukraine, Nina Yuzhanina, submitted a bill to the parliament to amend the country’s tax codes with regards to cryptocurrencies and their derivatives. This bill is referred to as Bill No. 7246 and was submitted on October 30.

The bill seeks to amend the tax code of Ukraine to exempt the profits from the purchase and sale of cryptocurrencies and their derivatives as well as revenues from cryptocurrency operations and from mining. According to the note accompanying the bill submitted to the parliament:

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In order to create an effective mechanism for stimulating the market of cryptocurrency in Ukraine, the logical step is the exemption from taxation of profits of enterprises…Income from cryptocurrency operations should not be included in the calculation of the total monthly (annually) taxable income, and transactions with cryptocurrency and mining crypto goods are classified as transactions that are not subject to taxation.

This new bill is the third submitted to the parliament for the legal framework of cryptocurrencies. The first was submitted in the first week of October. It proposes considering cryptocurrency a property that can be exchanged for other goods and services.

The second bill was submitted one week after the first bill. Entitled “On the stimulation of the market of cryptocurrencies and their derivatives in Ukraine,” the bill proposes treating cryptocurrencies as financial assets. This third bill is meant to be a follow up to the second bill and provides provisions for crypto derivatives as well as cryptocurrencies themselves.

High Council Meeting

The High Council of Experts of the National Bank of Ukraine (NBU) held a meeting on October 26 to discuss cryptocurrency regulations. The NBU subsequently issued a press release stating that:

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“During the event, the recommendations of the High Council of Experts on the urgent need for determining the legal status of cryptocurrency in Ukraine were approved.”

The meeting was attended by members of the NBU board of directors, representatives of related government departments, financial market regulators, committees of the Verkhovna Rada of Ukraine, people’s deputies of Ukraine, heads of banking associations, as well as representatives of scientific and expert circles.

Bohdan Danylyshyn, Chairman of the NBU Council, said at the beginning of the meeting that the members of the High Council of Experts could not stand by and do nothing. He noted that “the growing popularity of cryptocurrency in the world as well as in Ukraine requires an appropriate response from financial market regulators,” adding that:

I am convinced that any attempt to restrict the functioning of such a market may have the opposite effect, namely, to facilitate the shadowing and delegitimization of processes associated with it.“…

The post Ukraine Drafts Law to Exempt Crypto Income and Profits from Taxation appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.

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Source: EEGaming.

Amusnet

Amusnet Sets the Stage for Global Gaming Excellence at G2E Las Vegas

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Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.

“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.

Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.

Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.

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Canada

SoftGamings Doubles Down on Global Expansion by Introducing Tobique Gaming Licence

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SoftGamings, the market leader in iGaming solutions and services, announced the arrival of the Tobique Gaming License on the market. The move reflects the company’s commitment to enhancing regulatory compliance and expanding its footprint in the competitive iGaming industry.

Tobique Gaming, managed by the Tobique First Nation in western New Brunswick, Canada, oversees the issuance of online gambling licenses through the Tobique Gaming Commission (TGC) — a regulatory body established under the Tobique Gaming Act of 2023. This initiative is known for its stringent standards and emphasis on responsible gaming. Furthermore, it promotes economic development within the Tobique First Nation community.

The Tobique Gaming license provides operators an entry point into the online gaming and gambling industries. With it, businesses and iGaming operators can conduct operations in various global regions and offer multiple services, from betting to casino games and lottery promotions. The best of all is the streamlined application process, which lasts only 4 to 6 weeks.

SoftGamings is fully prepared to support clients and those interested in obtaining this license. Leveraging its innovative technology and diverse game portfolio, SoftGamings is ready to support clients in navigating the application process and leveraging the benefits of the Tobique Gaming License. The company’s comprehensive services include game development, casino management systems, and payment integrations, making SoftGamings a preferred partner for numerous operators and developers worldwide.

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Consequently, helping the clients obtain the Tobique Gaming license and being an entry point represents a significant milestone in SoftGamings’ ongoing efforts to refine its service offerings, maintain the highest standards of gaming integrity, and bolster its regulatory standing. As the company moves forward with this licensing process, it anticipates a positive impact on its operations and continued success in delivering exceptional gaming solutions to its global clientele.

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4Play

Fast Track Enters into Partnership with 4Play

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Fast Track, the leading player engagement platform built specifically for the iGaming industry, has partnered with 4Play, a dynamic and innovative gaming operator renowned for its exceptional player experiences in both casino and sports betting.

Launched in 2023, 4Play has rapidly gained recognition in the industry, primarily targeting the burgeoning Brazilian market. With a commitment to delivering unparalleled entertainment, 4Play offers its players a seamless experience in Portuguese, featuring popular gaming verticals such as casino and sports betting.

4Play’s decision to integrate Fast Track CRM comes as part of its strategic initiative to bolster player retention and streamline operations through advanced automation. Fast Track’s robust platform will enable 4Play to automate complex player journeys, ensuring each interaction is personalised and timely.

“We are excited to partner with Fast Track to elevate our player engagement strategies. Their innovative approach to CRM and their commitment to creating individualised player experiences align perfectly with our vision for 4Play. We look forward to leveraging their platform to enhance our player retention and operational efficiency,” Mateus Ihering, Chief Operating Officer of 4Play, said.

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Fast Track’s CRM platform, recognised for its real-time data capabilities and comprehensive automation suite, will support 4Play in achieving its business goals. By automating player communications and optimising the registration journey, 4Play aims to significantly increase its number of depositors while maintaining a high level of engagement among its 148,000 monthly active users.

Simon Lidzén, Co-Founder and CEO of Fast Track, said: “We are delighted to welcome 4Play into the Fast Track family. Their innovative spirit and dedication to providing top-tier player experiences make them an ideal partner. Together, we will set new standards in player engagement and retention, ensuring that 4Play continues to thrive in the competitive iGaming landscape.”

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