Ukrainian-founded crypto exchange platforms lead to billions in losses for the state budget.

In the last ten years, the state budget has not received at least UAH 3B in taxes from crypto exchange activities, whose operations have not yet been regulated in Ukraine, said the Economic Security Bureau of Ukraine (ESBU).

According to bureau analysts, the total volume of trades performed with these exchanges, for only three virtual assets (BTC, ETH, USDT), during the period from 2013 to 2023 is more than $55B. Transactions are accompanied by a trading fee, which each exchange sets independently. As a rule, it is 0.1% – 1.5% of the transaction amount. The average trading commission is 0.8% of the turnover, roughly $445M over ten years.

Crypto exchanges do not pay taxes in Ukraine because there is no corresponding regulatory framework.