- The Bureau of Economic Security of Ukraine has published an analysis of under-received taxes from cryptocurrency exchanges founded by residents.
- The agency’s preliminary estimate is that the treasury has lost about ₴3 billion, and in the long term even more.
Over the past 10 years, the Ukrainian budget has under-received about ₴3 billion in income tax from the activities of cryptocurrency exchanges established by residents of the country. This is the figure cited by the Bureau of Economic Security (BES).
According to the agency’s analysts, the trading volume of the three cryptocurrencies (BTC, ETH and USDT) on these platforms between 2013 and 2023 amounted to ₴2.03 trillion at the exchange rate at the time of writing ($55 billion).
Accounting for this, as well as an average intermediation fee of 0.8%, the estimated pre-tax income would be ₴16.4 billion ($445.5 million), the BEB said.
“At the same time, the mentioned crypto exchanges still do not pay taxes in Ukraine, as there is no relevant regulatory framework,” the agency said.
Incrypted asked the BEB for more details, but had not received a response at the time of writing.
The relevant legislation is still under development. On our website you will find an overview of the initiative from Incrypted and the law firm Juscutum.
We also covered an interview with Yuriy Boyko, a representative of the National Securities Commission, on who and how much will have to pay in the form of taxes on capital gains in cryptocurrency in the future. Earlier, the media reported that the National Bank of Ukraine is collecting information on service providers in the field of cryptocurrencies. It is not yet known if this has anything to do with the agency’s publication.
It is not yet known whether this is related to the agency’s publication.