Ukraine has suffered a loss of nearly $49 billion due to its failure to properly regulate the cryptocurrency sector between 2016 and 2022, according to a study conducted by Ukraine Economic Outlook, in collaboration with Kuna crypto exchange and the Blockchain Association of Ukraine. The study suggests that implementing taxes on crypto trading could have generated approximately $10.4 billion in tax revenue, which equates to an annual loss of between $7 billion and $1.5 billion. The majority of this lost revenue occurred during the crypto bull market years of 2017 and 2020. The authors of the study used data on Ukrainian crypto trading, domestic mining pool income, and stablecoin transactions to calculate the losses. The study also revealed that taxing crypto miners during this period could have contributed $7 billion to the Ukrainian Treasury. Ukrainian politicians have expressed their intention to address this regulatory gap and proposed adopting EU MiCA-inspired measures. The Deputy Prime Minister of Ukraine, Mykhailo Fedorov, believes that creating a special tax system for the crypto industry will legitimize the sector, boost the country's budget, and make it more attractive to investors. He suggests taxing individual citizens' crypto-related incomes at 5% and companies at 18%. Although Ukraine has previously attempted to tax crypto, it has faced obstacles, including a recent bill that was unable to be implemented due to the outbreak of war. However, earlier this year, senior politicians indicated their willingness to adopt crypto regulations similar to those of the EU.
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