Crypto crimes cost Ukraine billions annually in lost revenue, new reports finds
Ukraine’s unregulated crypto market is fertile ground for criminals, corrupt officials, and Russian saboteurs to exploit, but proper legislation could help the state recover at least $10 billion in lost tax revenue and stolen funds annually, according to a new report from the Royal United Services Institute (RUSI), a think tank.
The country has one of the highest rates of cryptocurrency ownership in the world, with 16% of the population holding crypto or other virtual assets before the war, which is on par with the U.S. But the market operates in the shadows — legal to own but not recognized as legal tender — meaning billions of dollars are exchanged in crypto each year without being taxed.
Regulation is needed to help law…
