Ministry of Finance of Ukraine: mining does not require legislative regulation

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

"Mining does not require regulatory activities on the part of government supervisors or other extraneous rules, these activities are regulated by the protocol itself and network participants,"- said in the manifesto.

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.

In order to assess the market demand for innovation using digital technologies and to manage risks, the agency will createspecial "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 Affairs and the inter-factional deputy association Blockchain4Ukraine explained the mechanism of the law providing for financial monitoring of virtual assets.