The state budget of Ukraine over ten years lost at least 3 billion hryvnias (about $81 million) in taxes from the activities of local cryptocurrency exchanges. This was stated by specialists of the Bureau of Economic Security (BES).
From 2013 to 2023, the cumulative trading volume on these platforms across only three virtual assets (BTC, ETH, USDT) exceeded $55 billion.
“Trading commissions are charged on transactions, which each exchange sets independently. Typically, this is 0.1–1.5% of the transaction amount. The average trading commission is 0.8% of turnover, which over ten years amounted to roughly $445.5 million,” the BES explained.
Due to the absence of a regulatory framework, cryptocurrency exchanges do not yet pay taxes in Ukraine. In early June НКЦБФР presented a sector-specific bill. It proposes a rate of 18%.
Based on this, the BES estimated the lost budget revenue over ten years at about $81 million.
Earlier lawyers pointed to problems in the Ukrainian tax bill, and civil society proposed to partially exempt cryptocurrency holders from taxes.