iGaming Industry
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:
“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:
“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.“…
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Source: EEGaming.
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
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.
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.
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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