Ukraine’s governmental data reveals a notable shortfall in the national budget of over $80 million during the past 10 years because of the non-compliance of cryptocurrency exchanges operating within the country. 

The Bureau of Economic Security (BEB) of Ukraine recently notified that these unrelated crypto exchanges have led to the loss of at least 3 billion hryvnia in tax revenue, roughly $80 million, spanning from 2013 to 2023. 

An in-depth examination conducted by the BEB highlighted that trades involving significant cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Tether (USDT) amassed a collective trading volume exceeding $55 billion on Ukrainian-based exchanges between 2013 and 2023.

Ukraine’s Crypto Exchange Tax Shortfall And Regulatory Gaps

Regarding the …