{"id":86779,"date":"2023-11-08T17:57:57","date_gmt":"2023-11-08T15:57:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86779"},"modified":"2025-09-13T07:40:19","modified_gmt":"2025-09-13T04:40:19","slug":"ukraine-loses-52-billion-to-its-grey-bitcoin-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ukraine-loses-52-billion-to-its-grey-bitcoin-market\/","title":{"rendered":"Ukraine loses $52 billion to its &#8216;grey&#8217; Bitcoin market"},"content":{"rendered":"<p>Due to the lack of regulation in the cryptocurrency market, Ukraine, from 2016 to 2022, lost more than $52.8 billion. This is stated in a study by the analytical group <a href=\\\"https:\/\/drive.google.com\/file\/d\/1cFe81rdGXdiUZxsvOWJKhqcREo56l2Xw\/view\\\">Ukraine Economic Outlook<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Experts calculated the potential gains for the population from investments in cryptocurrency, the income of mining farms and the issuance of stablecoins within the country.<\/p>\n<p>\\n\\n<\/p>\n<p>According to their assessment, $48.8 billion of losses fell on direct incomes of households and businesses (GDP), $4 billion \u2014 lost tax revenues.<\/p>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"507\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.12.45-1024x507.png\\\" alt=\\\"Snimok-ekrana-2023-11-08-v-16.12.45\\\" class=\\\"wp-image-219649\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.12.45-1024x507.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.12.45-300x149.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.12.45-768x380.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.12.45-1536x760.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.12.45-2048x1014.png 2048w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption class=\\\"wp-element-caption\\\">Data: Ukraine Economic Outlook.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\u201cThe bulk of the &#8216;lost&#8217; incomes came from the bullish years of 2017 ($23.3 billion) and 2020 ($14.9 billion),\u201d the report says.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"719\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.11.14-1024x719.png\\\" alt=\\\"Snimok-ekrana-2023-11-08-v-16.11.14\\\" class=\\\"wp-image-219650\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.11.14-1024x719.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.11.14-300x211.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.11.14-768x539.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.11.14-1536x1078.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-08-v-16.11.14.png 1677w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption class=\\\"wp-element-caption\\\">Data: Ukraine Economic Outlook.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<p>Among the key missed opportunities highlighted by the analytics were:<\/p>\n<p>\\n\\n<\/p>\n<ul class=\\\"wp-block-list\\\">\\n<\/p>\n<li>cheap electricity during the early phases of cryptocurrency mining;<\/li>\n<p>\\n<\/p>\n<li>the lack of investment instruments for the population that are not tied to centralized structures;<\/li>\n<p>\\n<\/p>\n<li>limited liquidity of currency instruments within the country.<\/li>\n<p>\\n<\/ul>\n<p>\\n\\n<\/p>\n<p>They noted that the calculations are conservative because they assess domestic demand without accounting for potential inflows of foreign investment.<\/p>\n<p>\\n\\n<\/p>\n<p>Deputy Minister of Digital Transformation Oleksandr Bornyakov responded to the publication, emphasising the importance of regulating the crypto market.<\/p>\n<p>\\n\\n<iframe loading=\\\"lazy\\\" src=\\\"https:\/\/www.facebook.com\/plugins\/post.php?href=https%3A%2F%2Fwww.facebook.com%2Fbornyakov%2Fposts%2Fpfbid02gW9hb2PZDMHM92MChw9BgqHPno7rXUsXtQBYMdEuNyraWgiij39ZkMRygyNPXNiul&#038;show_text=true&#038;width=500\\\" width=\\\"500\\\" height=\\\"317\\\" style=\\\"border:none;overflow:hidden\\\" scrolling=\\\"no\\\" frameborder=\\\"0\\\" allowfullscreen=\\\"true\\\" allow=\\\"autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share\\\"><\/iframe>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\u201cLarge capital remains where transparent regulatory rules are in place, state mechanisms to protect property rights, and stimulating tax rates work effectively,\u201d he wrote.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>Bornyakov criticised the current version of Ukraine&#8217;s crypto-tax bill, which, the day before, <a href=\"https:\/\/u1f987.com\/en\/news\/tax-bill-on-cryptocurrency-transactions-submitted-to-verkhovna-rada\">was submitted for consideration<\/a> in the Verkhovna Rada. According to him, it does not foster a simple regulatory environment and incentivising taxation \u2014 it proposes a fixed rate at 18%.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\u201cTo bring the crypto sector out of the shadows, a special tax regime must be created. Rates should be 5% for individuals and 18% for companies, with the additional option of using the tax regime advantages of Diia City,\u201d he proposed.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>Earlier, the public association \u201cVirtual Assets of Ukraine,\u201d together with the cross-faction group of deputies Blockchain4Ukraine, advocated the exemption of individuals and legal entities from taxation on income from virtual assets held on their balance for more than a year. <\/p>\n<p>\\n\\n<\/p>\n<p>In addition, the organisations proposed a phased increase in tax rates on income from virtual assets for individuals and corporate profits, starting at 5% in the first year and 10% in the second year.<\/p>\n<p>\\n\\n<\/p>\n<p>Back in September 2021, the law \u201cOn Virtual Assets\u201d was adopted; it will not come into force until amendments are made to Ukraine&#8217;s Tax Code.<\/p>\n<p>\\n\\n<\/p>\n<p>Due to the lack of a regulatory framework, cryptocurrency exchanges do not yet pay taxes in the country. In early June, the National Securities and Stock Market Commission of Ukraine <span data-descr=\\\"National Securities and Stock Market Commission of Ukraine\\\" class=\\\"old_tooltip\\\">NSSMC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/ukraine-presents-bill-to-tax-bitcoin-operations\">presented<\/a> a sector-specific bill. <\/p>\n<p>\\n\\n<\/p>\n<p>Earlier, the BES calculated that over ten years Ukraine&#8217;s budget lost <a href=\"https:\/\/u1f987.com\/en\/news\/ukraine-loses-about-81-million-in-taxes-from-bitcoin-exchanges-over-a-decade\">at least 3 billion hryvnias<\/a> (about $81 million) in taxes from the activities of local cryptocurrency exchanges. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to the lack of regulation in the cryptocurrency market, Ukraine from 2016 to 2022 lost more than $52.8 billion, according to analysts from Ukraine Economic Outlook.<\/p>\n","protected":false},"author":1,"featured_media":86780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,167,558,16],"class_list":["post-86779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-research","tag-taxes","tag-ukraine"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86779"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86779\/revisions"}],"predecessor-version":[{"id":86781,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86779\/revisions\/86781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86780"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}