Ukraine could receive up to 15 billion UAH in taxes from the legalization of the cryptocurrency market - study.

Ukraine has the potential to become a leading crypto hub in Eastern Europe

The Ministry of Digital Transformation has reported that Ukraine has significant potential to become a leading crypto hub in Eastern Europe. According to the analytical company Global Ledger, Ukrainians account for approximately 2.5% of the total global virtual asset traffic. Over the past four years, global exchanges earned 46 billion UAH from the Ukrainian audience.

'Ukraine could receive 8.34 billion UAH in taxes from cryptocurrency exchanges registered in the state and up to 6.53 billion UAH from taxing citizens' incomes if the cryptocurrency market were legalized,' noted the Ministry of Digital Transformation.

It is noted that the volume of revenue will depend on the concepts of regulation and taxation that will be established in the law on legalization.

The legalization of the crypto industry will allow the market to develop faster and more transparently. Ukrainian blockchain specialists will be able to work at home, and Ukraine will receive foreign investments to support the economy in wartime.