Over the past ten years, the state budget has lost at least UAH 3 billion in taxes from cryptocurrency exchange activities, which are still unregulated in Ukraine. These conclusions were reached by the ESBU experts after analysing the activities of cryptocurrency exchanges established by Ukrainian residents.

According to the ESBU analysts, the total trading volume of these exchanges in only three virtual assets (BTC, ETH, USDT), for the period of their activity from 2013 to 2023, is more than USD 55 billion.

Transactions are charged a trading commission, which each exchange establishes 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 is approximately USD 445.5 million over ten years.

At the same time, these cryptocurrency exchanges haven’t yet been paying taxes in Ukraine, as there is no relevant regulatory framework.

On February 17, 2022, the Verkhovna Rada of Ukraine adopted 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 operations with virtual assets have not been adopted.

"There are different points of view on how these transactions should be taxed, and the ESBU will act in accordance with the provisions adopted by the deputies. But it is obvious that 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 evade sanctions, transfer funds abroad, engage in illegal gambling and commit criminal offences," stated Andrii Pashchuk, Deputy Director of the Economic Security Bureau of Ukraine.