A study found that Ukraine's inadequate regulation of the cryptocurrency industry resulted in a loss of nearly $49 billion from 2016 to 2022. The study was conducted jointly by "Ukrainian Economic Outlook," cryptocurrency exchange Kuna, and an industry organization called the Ukrainian Blockchain Association. The authors of the report claimed that since 2016, Ukraine could have raised tax revenues worth about $10.4 billion by taxing cryptocurrency transactions. This figure "equates to an annual loss of $7 billion to $1.5 billion."