According to data provided by the Ukrainian government, cryptocurrency exchanges providing services to the country have failed to contribute more than $81 million to the state budget over the past decade, Cointelegraph reported.
Ukraine’s Economic Security Service reported in a notice on August 2 that tax losses not related to cryptocurrency exchanges amounted to at least 3 billion hryvnias (about $81 million) from 2013 to 2023. The government agency said it had analyzed the trading volumes of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) during the same period on exchanges created by Ukrainian residents, totaling about $55 billion.
Ukrainian President Volodymyr Zelensky signed legislation titled “On Virtual Assets” in March 2022 that established a regulatory framework for cryptocurrencies in the country. At the time, the government stated that it was amending Ukraine’s tax and civil codes to accommodate the legal framework, but as of August 2023, no revisions to existing requirements had been implemented.
