Mining in Ukraine will not be regulated by the state

The Ministry of Digital Transformations of Ukraine has issued a manifesto on virtual assets, in which it stated,that cryptocurrency mining does not require regulation by state authorities.

“Mining does not require regulatory activities by state supervisory authorities or other extraneous rules, these activities are regulated by the protocol itself and network participants”,- the manifesto says.

The Office emphasized that it adheres to loyalty to activities in the mining sphere as a component of open decentralized networks.

With regard to the taxation of operations with virtual assets and the activities of service providers associated with them, the Ministry of Finance promises to use international best practices.

To assess the market demand for innovations using digital technologies and risk management, the agency will create special “sandboxes”.

The officials also plan to ensure interaction between executive authorities on operations with virtual assets and the activities of service providers in the field of virtual assets.

Earlier, representatives of the Ministry of Digital Development and the inter-factional parliamentary association Blockchain4Ukraine explained the mechanism of the law, which provides for financial monitoring of virtual assets.

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