Ukraine lost $10B in crypto taxes, says RUSI
Ukraine faces multiple challenges: meeting EU standards, rebuilding its economy, and creating effective legislation. Regulators are now paying special attention to the poorly regulated crypto market.
A fresh RUSI report stresses that tightening crypto oversight is essential to curb financial crime and support Ukraine’s recovery.
RUSI expert Greta Barkauskienė estimates Ukraine could reclaim as much as $10 billion in lost taxes with proper regulation – funds that could be vital for post-war reconstruction.
The report highlights EU calls for Ukraine to align quickly with MiCA standards, framing it as a key step toward seamless EU integration.
Ukrainian regulators have made good progress in this direction. The Draft Law No. 10225-d was discussed in Warsaw, which concerns amending tax legislation in the field of virtual asset circulation. If adopted, the country will introduce mandatory licenses for crypto platforms, as well as stricter customer identification (KYC) rules.
According to RUSI analysts, these measures will help attract foreign investors who need predictability and reliability.
However, the report also contains warnings about risks. Beyond global problems, such as the difficulty of tracking cryptocurrency movements, Ukraine has its own local risks. The report warns that OTC desks and unlicensed “gray” exchanges help evade taxes and capital controls – and are exploited by Russian actors to fund military operations.
Experts call for balanced rules: overly strict measures risk stifling innovation, while overly lax policies open the door to abuse. The report calls for closer cooperation between the government and private business to share information and combat these risks together.
For additional insights, see our related article "Ukraine Implements MiCA in Its Own Way" featuring analysis from WhiteBIT CEO Volodymyr Nosov.
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