In Ukraine, losses from the activities of local crypto exchanges were calculated
Date: 2023-09-14 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Authorities believe that crypto exchanges help citizens evade taxes. Over 10 years, the budget was missing $81 million
The Bureau of Economic Security (BEB) will inspect the activities of cryptocurrency exchanges whose beneficiaries are residents of Ukraine. The new head of the department, Andrei Pashchuk, announced this in an interview with Forbes.
According to him, back in August the regulator found out that over 10 years, the Ukrainian state budget has lost at least 3 billion hryvnia (about $81 million) in taxes due to the activities of crypto exchanges. Such calculations are based on the use of analytical and search systems, as well as OSINT (open source intelligence) methods.
As a result of the audit, experts established the total circulation of cryptocurrencies in root wallets on exchanges and compared it with the declared income of owners and founders who have resident status in Ukraine.
Based on the data obtained, analysts determined the total amount of risk transactions and the volume of possible losses of the state budget. At the moment, the BEB is conducting a pre-trial investigation into the activities of entities that are participants in the cryptocurrency market.
Ukraine plans to legalize cryptocurrency in the near future
In June, it became known that in the fall Ukraine could legalize cryptocurrency and introduce a tax of 18% on investment profits, as well as a military tax of 1.5%. The draft law of the National Securities and Stock Market Commission (NCSM) specifies that only investment profits will be taxed.
If the bill is passed in September, it will come into force in 2024. According to a member of the National Securities Market Commission Yuriy Boyko, the regulator of the cryptocurrency market in Ukraine will be the National Bank of Ukraine and the National Securities Market Commission.
Implementation of MiCA on the territory of Ukraine
In May, Deputy Minister of Digital Transformation of Ukraine Alexander Bornyakov noted that for the full-scale launch of the Bitcoin industry in the country, it is necessary to adopt only the basic and most important norms of the European Union crypto regulation MiCA (Market in Crypto Assets).
The main reason for the introduction of MiCA is that Ukraine needs to adapt cryptocurrency legislation taking into account the European market regulations, since it is a candidate for membership in the European Union. To comply with European standards, the authorities hired an auditing company from the Big Four, Ernst & Young.
