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 <p class="is-style-lead">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.</p>
 <p>Ukraine’s state budget has lost $52.9 billion in revenue from taxes and other crypto-related activities since 2016 due to the lack of a clear regulatory framework, according to a recent study commissioned by Kuna, a Ukrainian crypto exchange.</p>
 <p>The research, co-made in collaboration with Ukraine Economic Outlook and Blockchain Association of Ukraine, says the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market has witnessed an influx of $331 billion worth of “real funds” since 2013.</p>
 <p>Kuna revealed that this inflow increased the market capitalization by $1.2 trillion at the end of June 2023 and by $2.2 trillion at the peak of 2022. The figure is calculated based on venture and angel deals, and various offerings such as ICOs, IDOs, IEOs, stablecoin purchases, etc.</p>
 <p>Since 2016, Ukraine has been losing nearly $7.6 billion each year without regulatory clarity for the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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.</p>
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 <p>As per Mykhailo Kukhar, founder and chief economist of Ukraine Economic Outlook, cheap electricity for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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.</p>
 <p>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%.</p>
 <p>In mid-September 2023, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.news reported that the Economic Security Bureau of Ukraine (ESB) launched a pretrial investigation against local <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading platforms suspected of tax avoidance, which cost the country $80 million in lost taxes.</p>
 <p>In August 2023, ESB issued&nbsp;an official statement, saying that Ukrainian <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges amassed $445 million in trading fees over the past ten years. As per the bureau’s calculations, domestic trades with Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) amounted to a total volume of more than $55 billion from 2013 to 2023,</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ukraine-lost-nearly-53b-due-to-lack-of-crypto-regulation-tbt69674.html">https://thebittimes.com/ukraine-lost-nearly-53b-due-to-lack-of-crypto-regulation-tbt69674.html</a></p>

Ukraine lost nearly $53b due to lack of crypto regulation

TheBitTimes

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