$50 billion – approximately how much the Ukrainian economy lost due to the lack of regulation in the crypto market!

Such data is provided by a detailed analysis of the cryptocurrency market created by Ukraine Economic Outlook, commissioned by KUNA Family and the Blockchain Association of Ukraine.

Examining data from 2016 to 2022, losses amount to $48.8 billion in GDP and $4 billion in taxes. This means that the country loses approximately $7.0 billion and $0.6 billion respectively each year.

The main reason for these losses is the shadow economy in the cryptocurrency market, which arises due to the absence of clear and understandable regulatory rules and the ability to evade tax payments at minimal rates. To bring the crypto sector out of the shadow, it’s important to create a special tax regime for this sector.

With this purpose in mind, the report proposes an adoption scenario for Ukraine and the potential benefits of implementing cryptocurrencies!

We invite you to review the study at the link:

November 22, 2023

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