The government announced how much Ukraine will receive after the legalization of the cryptocurrency market
Ukraine could replenish the budget by almost 15 billion hryvnias in case of legalization of the cryptocurrency market. About this stated Mykhailo Fedorov, Deputy Prime Minister and Minister of Innovation, Education, Science and Technology.
He referred to Global Ledger research, which showed that Ukraine generates 2.5% of the world’s cryptocurrency traffic. According to Fedorov, in case of legalization of the market, the state could receive about 8.34 billion hryvnias in tax revenue from crypto exchanges registered in Ukraine and approximately 6.53 billion hryvnias from taxation of citizens’ incomes for the period 2021-2024.
The Ministry of Digital Transformation is actively working on the development of a draft law on the legalization of crypto-assets within the framework of the working group created under the specialized parliamentary committee. The amount of revenue will depend on the approaches to regulation and taxation that will be enshrined in the legislation.
The minister also emphasized that the legalization of cryptocurrencies is beneficial not only for the state, but also for business. Entrepreneurs will receive competitive advantages on the world market, legal protection and the opportunity to attract investments, which will contribute to the development of the country’s economy.
“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.” Fedorov noted.
