Ukraine lost almost $49B in 2016-2022 due to insufficient attention to the crypto industry
Source：Ukraine Business News
From：Taiwan Trade Center, Kyiv
Update Time：2024/01/14
Legalization of the crypto industry in Ukraine without additional incentives could generate an amount that is 4.9% of GDP. Since 2016, Ukraine has lost $48.8B in direct income to its population and companies and $10.4B in tax revenue due to the lack of crypto regulations.
It is noted that the key lost opportunities are cheap electricity prices during the formative periods of cryptocurrency mining, the lack of investment tools for the population without ties to centralized structures, and limited liquidity of currency instruments within the country.
At the same time, the Ukrainian Parliament proposed regulating virtual asset circulation in Ukraine. The draft law aims to introduce a legal and functional market for virtual assets in Ukraine and determine the rules for their taxation. According to the document, taxpayers must independently determine the final gains or losses and reflect them in their tax returns.
Source: https://ubn.news/ukraine-lost-almost-49b-in-2016-2022-due-to-insufficient-attention-to-the-crypto-industry/