Legalization of the cryptocurrency market could enrich the Ukrainian budget by $15 billion
13 December 08:56
If the cryptocurrency market were legalized, the state could receive about UAH 8.34 billion in taxes from crypto exchanges registered in Ukraine and up to UAH 6.53 billion in personal income taxation in 2021-2024. This was stated by the Minister of Digital Transformation Mykhailo Fedorov, referring to the results of the Global Ledger study, Komersant ukrainskyi reports.
“The legalization of cryptocurrencies is necessary not only for the state but also for business. For entrepreneurs, this means competitive advantages in the global market, legal protection and the ability to attract investment. Thanks to the legalization of the market, Ukrainian specialists will be able to work from home, and the budget will be replenished with additional tax revenues every year,” said Minister of Digital Transformation Mykhailo Fedorov.
He said that the team of the Ministry of Digital Transformation is actively working on a draft law to legalize the crypto asset market within the working group established under the relevant committee. According to him, the amount of revenues will directly depend on the concepts of regulation and taxation that will be included in this law.
The potential of the Ukrainian cryptocurrency market is great
According to the results of the aforementioned Global Ledger study, Ukraine generates 2.5% of the world’s cryptocurrency traffic. This conclusion was based on the analysis of traffic from 64 global centralized crypto exchanges.
The researchers also investigated the amount of revenue centralized exchanges receive from the Ukrainian audience. For the analysis, 15 global and 6 Ukrainian exchanges were taken. In the period from 2021 to 2024, the exchanges’ revenue from the Ukrainian audience amounted to UAH 46 billion.
Thus, the amount of potential taxation of centralized exchanges is approximately UAH 8.3 billion. And the potential minimum taxes that can be collected from the Ukrainian audience, based on the data obtained from only one centralized exchange in 2024, is approximately UAH 1.3 billion.
