Ukraine’s largest crypto exchange, Kuna, says the country has lost dozens of billions of dollars since 2016 in revenue related to the crypto market. Ukraine’s state budget has lost $52.9 billion in revenue from taxes and other crypto-related activities since…
Ukraine’s largest crypto exchange, Kuna, says the country has lost dozens of billions of dollars since 2016 in revenue related to the crypto market.
The research, co-made in collaboration with Ukraine Economic Outlook and Blockchain Association of Ukraine, says the crypto market has witnessed an influx of $331 billion worth of “real funds” since 2013.
Since 2016, Ukraine has been losing nearly $7.6 billion each year without regulatory clarity for the crypto market, which is by $2 billion more than what the country had been spending on its military budget before Russia’s offensive, according to Statista.
As per Mykhailo Kukhar, founder and chief economist of Ukraine Economic Outlook, cheap electricity for crypto miners, the lack of investment instruments for the population, and limited liquidity of foreign exchange instruments within Ukraine have played a key role behind the missed opportunities.
Moreover, the document states Ukraine could claim up to 16-17% of the global crypto mining market share at non-preferential prices. However, as Ukraine’s war against Russia drags on, the report noted that the share has dropped to 1%.