{"id":545671,"date":"2023-08-03T16:00:27","date_gmt":"2023-08-03T16:00:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=545671"},"modified":"2024-06-11T08:13:04","modified_gmt":"2024-06-11T08:13:04","slug":"ukraine-81-million-in-lost-crypto-taxes","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ukraine-81-million-in-lost-crypto-taxes\/","title":{"rendered":"Ukraine Government Reveals Crypto Firms Have Cost The Country $81 Million In Lost Taxes"},"content":{"rendered":"<p><span style=\"font-weight: 400\">According to data released by the Ukrainian government, cryptocurrency firms offering services in Ukraine have failed to contribute over $81 million in taxes to the country\u2019s budget in the past decade. This comes after the country <\/span><a href=\"https:\/\/techcrunch.com\/2022\/03\/16\/ukraines-president-just-signed-a-law-to-legalize-crypto-as-digital-donations-roll-in\/#:~:text=Today%2C%20the%20country's%20president%2C%20Volodymyr,a%20law%20on%20virtual%20assets.\" rel=\"nofollow\"><span style=\"font-weight: 400\">passed<\/span><\/a><span style=\"font-weight: 400\"> a crypto bill into law in 2022 that amends its tax code to allow the country to generate taxes from cryptocurrency transactions.<\/span><\/p>\n<h2>A Huge Loss In Revenue For Ukraine<\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/esbu.gov.ua\/news\/biudzhet-vtratyv-3-mlrd-hrn-podatkiv-vid-diialnosti-kryptobirzh\" rel=\"nofollow\"><span style=\"font-weight: 400\">notice<\/span><\/a><span style=\"font-weight: 400\"> released on Wednesday, the Economic Security Bureau of Ukraine stated that unrelated cryptocurrency exchanges were responsible for the loss of approximately 3 billion hryvnia in taxes (roughly $81 million) between 2013 to 2023.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/microstrategy-bitcoin-strategy-spot-etfs\/\">MicroStrategy\u2019s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy<\/a><\/div>\n<p><span style=\"font-weight: 400\">The country\u2019s foremost regulator noted that it had evaluated the trading actions of exchanges founded by residents of the country, which had $55 billion in Bitcoin (BTC), Ether (ETH), and Tether (USDT) volume in rough estimates over the same period.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Speaking to local media following the announcement, Deputy Director of the Economic Security Bureau Andriy Pashchuk stated that there were different perspectives on \u201chow these transactions should be taxed and (the bureau) will act in accordance with the provisions adopted by the deputies.\u201d He opined that while these issues drag on, the country keeps losing \u201c..tens of millions in taxes every month.\u201d<\/span><\/p>\n<h2>Crypto Tax Losses Follow Passage Of Landmark Bill<\/h2>\n<p><span style=\"font-weight: 400\">The recent loss of revenue follows the recent passage of the legislation \u201cOn Virtual Assets\u201d by the Ukrainian parliament in 2022. The law was enacted amid the growing adoption of cryptocurrencies as a valid means for conducting transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The bill, which was signed into law in March 2022 by Ukrainian President Volodymyr Zelenskyy,\u00a0 sought to create a regulatory framework for cryptocurrency transactions in the country.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/NfCPwwuZ\/\" alt=\"Crypto total market cap chart from Tradingview.com (Ukraine)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">Total market cap continues to decline | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">At the time of passing the bill, the government stated that it was looking to amend the country\u2019s civil and tax codes to accommodate the new legal framework. However, as of August 2023, no such amendments have been executed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ukraine also brought some minor amendments to the legislation in September 2022 to ensure that the law was in sync with the European Union\u2019s Markets in Crypto Asset (MiCA) regulation.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/lunc\/price-of-lunc-will-land-this-august\/\">Here\u2019s Where The Price Of LUNC Will Land This August, According To This Algorithm<\/a><\/div>\n<p><span style=\"font-weight: 400\">Since then, many crypto users in Ukraine have taken to Telegram to ask whether they would be mandated to provide \u201cbackpay\u201d of taxes based on transactions over the last decade. Some noted the government\u2019s failure to properly adopt the regulations despite the passage of the law in 2022. According to one Telegram <\/span><a href=\"https:\/\/t.me\/michaelchobanian\/2073?comment=104612\" rel=\"nofollow\"><span style=\"font-weight: 400\">user<\/span><\/a><span style=\"font-weight: 400\"> with the username Vini2010w, had the government adopted the law, \u201ceverything would have been settled a long time ago.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ukraine has been heavily reliant on cryptocurrency donations amid the ongoing war with Russia. About $<\/span><a href=\"https:\/\/bitcoinist.com\/staggering-amount-ukraine-raised-using-crypto\/#:~:text=New%20Report%20Shows%20The%20Staggering%20Amount%20Ukraine%20Raised%20Using%20Crypto,-by%20Scott%20Matherson&amp;text=According%20to%20a%20report%20by,continues%20its%20fight%20against%20Russia.\" rel=\"nofollow\"><span style=\"font-weight: 400\">225 million in cryptocurrency donations have been pledged<\/span><\/a><span style=\"font-weight: 400\"> in support of the country since 2022 following Russia\u2019s invasion. The vast majority of the donations were made in Ethereum and Bitcoin, the two most popular cryptocurrencies and the largest by market cap.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Bitcoinist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to data released by the Ukrainian government, cryptocurrency firms offering services in Ukraine have failed to contribute over $81 million in taxes to the country\u2019s budget in the past decade. This comes after the country passed a crypto bill into law in 2022 that amends its tax code to allow the country to generate taxes from cryptocurrency transactions. A Huge Loss In Revenue For Ukraine In a notice released on Wednesday, the Economic Security Bureau of Ukraine stated that unrelated cryptocurrency exchanges were responsible for the loss of approximately 3 billion hryvnia in taxes (roughly $81 million) between 2013 to 2023.\u00a0 Related Reading: MicroStrategy\u2019s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy The country\u2019s foremost regulator noted that it had evaluated the trading actions of exchanges founded by residents of the country, which had $55 billion in Bitcoin (BTC), Ether (ETH), and Tether (USDT) volume in rough estimates over the same period.\u00a0 Speaking to local media following the announcement, Deputy Director of the Economic Security Bureau Andriy Pashchuk stated that there were different perspectives on \u201chow these transactions should be taxed and (the bureau) will act in accordance with the provisions adopted by the deputies.\u201d He opined that while these issues drag on, the country keeps losing \u201c..tens of millions in taxes every month.\u201d Crypto Tax Losses Follow Passage Of Landmark Bill The recent loss of revenue follows the recent passage of the legislation \u201cOn Virtual Assets\u201d by the Ukrainian parliament in 2022. The law was enacted amid the growing adoption of cryptocurrencies as a valid means for conducting transactions.\u00a0 The bill, which was signed into law in March 2022 by Ukrainian President Volodymyr Zelenskyy,\u00a0 sought to create a regulatory framework for cryptocurrency transactions in the country. Total market cap continues to decline | Source: Crypto Total Market Cap on Tradingview.com At the time of passing the bill, the government stated that it was looking to amend the country\u2019s civil and tax codes to accommodate the new legal framework. However, as of August 2023, no such amendments have been executed.\u00a0 Ukraine also brought some minor amendments to the legislation in September 2022 to ensure that the law was in sync with the European Union\u2019s Markets in Crypto Asset (MiCA) regulation.\u00a0 Related Reading: Here\u2019s Where The Price Of LUNC Will Land This August, According To This Algorithm Since then, many crypto users in Ukraine have taken to Telegram to ask whether they would be mandated to provide \u201cbackpay\u201d of taxes based on transactions over the last decade. Some noted the government\u2019s failure to properly adopt the regulations despite the passage of the law in 2022. According to one Telegram user with the username Vini2010w, had the government adopted the law, \u201ceverything would have been settled a long time ago.\u201d\u00a0 Ukraine has been heavily reliant on cryptocurrency donations amid the ongoing war with Russia. About $225 million in cryptocurrency donations have been pledged in support of the country since 2022 following Russia\u2019s invasion. The vast majority of the donations were made in Ethereum and Bitcoin, the two most popular cryptocurrencies and the largest by market cap.\u00a0 Featured image from Bitcoinist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,34961,89020,1558,4066],"class_list":["post-545671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-taxes","tag-crypto-ukraine","tag-cryptocurrency","tag-taxes"],"acf":[],"yoast_head":"\n<title>Ukraine Government Reveals Crypto Firms Have Cost The Country $81 Million In Lost Taxes<\/title>\n<meta name=\"description\" content=\"Crypto firms offering services in Ukraine have failed to contribute over $81 million in taxes to the 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