Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Transformation of Ukraine, stated that the legalization of the cryptocurrency market could potentially bring up to UAH 15 billion to the Ukrainian budget. This is stated in the study of Global Ledger, where it is noted that Ukrainian users generate about 2,5% of the global traffic of crypto exchanges.
Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Transformation of Ukraine, stated that the legalization of the cryptocurrency market could potentially bring up to UAH 15 billion to the Ukrainian budget. This is stated in the study of Global Ledger, where it is noted that Ukrainian users generate about 2,5% of the global traffic of crypto exchanges.
«If the crypto market were legalized, the state could receive about UAH 8.34 billion in taxes from crypto exchanges registered in Ukraine and up to UAH 6.53 billion from the taxation of citizens' incomes for 2021-2024,» Fedorov noted.
According to him, the team of the Ministry of Digitization is actively working on the draft law on the legalization of the crypto-assets market within the working group created under the specialized committee. The volume of revenues will directly depend on the concepts of regulation and taxation, which will be included in this law.
According to an analytical report from Global Ledger, Ukraine’s cryptocurrency market shows significant potential for taxation. Key metrics include transaction volumes on centralized exchanges (CEX), the mining sector, and the use of non-custodial (giving users full control over their private keys and funds) wallets.
The study notes that Ukrainian miners account for an average of 0,94% of the global market. Their profits over the last four years amounted to $113 million dollars, which indicates a gradual increase in activity.
It is also noted that Ukrainian users account for 0,24% of global downloads of cryptocurrency wallets. In May 2024, they were downloaded 219,378 times in Ukraine.
«The legalization of cryptocurrencies is needed not only by the state, but also by business. For entrepreneurs, these are competitive advantages in the global market, legal protection and the opportunity to attract investments. Thanks to the legalization of the market, Ukrainian specialists will be able to work at home, and the budget will be replenished annually with additional tax revenues,» says Mykhailo Fedorov.
Earlier, the chairman of the tax committee of the Verkhovna Rada, Danylo Hetmantsev, said that the cryptocurrency market in Ukraine could be legalized already in the first or second quarter of 2025.
