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No License is Required to Mine Cryptocurrencies in Ukraine

On 25th June the portal cryptorussia.ru reported that the State Service for Special Communication and Information Protection of Ukraine is not planning to regulate the cryptocurrency mining.

The Better Regulation Delivery Office (BRDO), got a response to an official request for information, according to the report the representative of the regulatory authority said they are having no intention to introduce licenses for crypto mining as a special kind of activity. In Ukraine, The BRDO is an organization that promotes economic freedom and efficient regulations.

According to the BRDO, carries significant risk while mining in Ukraine, where else the crypto companies face the possibility of major fines or having their equipment confiscated. Samokhodshi said that miners are trying to escape from publicity due to unpredictable and unassumed reactions and unfortunate status of cryptocurrency.

According to the vote before this year, this states the last year sample “72 percent of Ukrainians who use the internet know what cryptocurrency is, while 13 percent of such respondents own some form of cryptocurrency. 41 percent of respondents said authorities should support the legalization of crypto, while 19 percent thought it should be banned outright.”

According to the document the news came up that Ukraine was preparing draft legislation to allow covering the cryptocurrencies. In the document, their wrote many things about legislation about the country’s authorities which would develop a “free and transparent” digital asset market in Ukraine.

The paper outlines rules for storing, using, and exchanging cryptocurrencies and smart contracts, which is preventing the use of crypto who proposes regulatory measures for money laundering, terrorist financing, and other criminal activities.

The Ukrainian National Securities and Stock Market Commission announced in May, that it will concentrate on recognizing cryptocurrencies as a financial instrument. The head of the commission, Timur Khromaev recommended that crypto assets and its operations should be considered with existing legal framework on the basis of the principles behind the assets. They added in the recommendation:

“The new rules and regulations for cryptocurrencies will be defined on a national level as it is still a long way off [for] international standards.”

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