Over the past ten years, the state budget has lost at least UAH 3 billion in taxes from the activities of crypto exchanges, which are still not regulated in Ukraine. These conclusions were reached by BES experts after analyzing the activities of crypto exchanges founded by Ukrainian residents.
According to the BES analysts, the total trading volume of these exchanges in only three virtual assets (BTC, ETH, USDT) during the period of their operation from 2013 to 2023 is more than USD 55 billion.
Transactions are subject to a trading fee that each exchange sets independently. As a rule, it is 0.1-1.5% of the transaction amount. The average trading commission is 0.8% of the turnover, which amounted to approximately $445.5 million over ten years.
At the same time, these crypto exchanges still do not pay taxes in Ukraine, as there is no relevant regulatory framework.
On February 17, 2022, the Verkhovna Rada of Ukraine adopted the Law of Ukraine No. 2074-IX “On Virtual Assets”, which regulates legal relations in the field of virtual assets circulation in Ukraine. The Law will come into force on the date of introduction and adoption of amendments to the Tax Code of Ukraine. However, the relevant rules on the specifics of taxation of transactions with virtual assets have not yet been adopted.
“Obviously, while the issue is being delayed, the state continues to lose tens of millions in taxes every month. In addition, cryptocurrency transactions can be used to circumvent sanctions, withdraw funds abroad, conduct illegal gambling and commit criminal offenses,” said Andriy Pashchuk, Deputy Director of the BES.
