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Ukraine claims $81m tax gap from unregulated crypto exchanges

ukraine-claims-81m-tax-gap-from-unregulated-crypto-exchanges
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Ukraine claims $81m tax gap from unregulated crypto exchanges

Ukrainian authorities allege crypto exchanges have evaded over $81 million in contributions to the national budget over the past ten years.

A tweet from Aug. 2 highlighted that non-affiliated crypto exchanges were accountable for a tax deficit of at least 3 billion hryvnia, approximately equivalent to $81 million. The amount covers the period from 2013 to 2023.

https://twitter.com/ESBU_gov_ua/status/1686719223148539909?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1686719223148539909%7Ctwgr%5Ebc824041fbfbdfe4d91714f61d443b2abc3331bb%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fmit-digital-currency-initiative-introduces-at-scale-programmable-cbdc-platform

In an Aug. 2 announcement, the Economic Security Bureau of Ukraine shared the results of an analysis of trading activities on exchanges established by Ukrainian residents.

The government authorities state that Ukranian exchanges would have participated in about $55 billion worth of trading across digital assets from 2013-2023.

Considering that each exchange in the country determines its trading fee for transactions, which may be anywhere from 0.1% and 1.5% of the transaction value (or, on average, 0.8%), this means earnings of approximately $445.5 million.

This amount is significant, considering that crypto exchanges don’t pay taxes in the country since no regulatory framework exists yet, and this profit would’ve been earned tax-free.

“There are varying perspectives on the taxation of these transactions, and [the bureau] will adhere to the regulations endorsed by the parliamentary deputies. However, it is evident that while the matter remains unresolved, the state continues to forego tens of millions in tax revenue every month.”

Andriy Pashchuk, the deputy director of the Economic Security Bureau

Tax regulations are incoming

Given the amount of taxes the country has forgone, it is worth noting that discussions on regulation and taxes in Ukraine are not new.

In March 2022, Ukrainian President Volodymyr Zelenskyy enacted the “On Virtual Assets” legislation, which introduced a regulatory structure for cryptocurrencies within the nation, as stated in Euronews. Despite initial indications that the government was revising Ukraine’s tax and civil codes to align with this legal framework, no modifications to the existing requisites have been implemented as of August 2023.

This was followed up with the approval of MiCA by the European Parliament on April 20, setting the stage for its implementation in 2025, encompassing currently unregulated crypto-assets.

Yaroslav Zheleznyak, deputy chairman of the Ukrainian Tax Committee, announced on April 20 via his Telegram channel that his committee is collaborating with the National Commission for Securities and the Stock Market (NSSMC). They will translate selected provisions of MiCA into practical measures.

As the tax discussion continues, it is likely only a matter of time before more final guidelines are implemented in Ukraine.