Ukraine’s Ministry of Digital Transformation announced that it wouldn’t be regulating crypto mining sector. In a<a href="https://thedigital.gov.ua/news/manifest-mintsifri-shchodo-virtualnikh-aktiviv?fbclid=IwAR0rcK2UmEKvR0lzAHRF4rArRqblasL2h0rxGI53_CzSxvsRTfAb7XZv4XU"> document</a> published this Friday, Ukraine’s government branch that is responsible for the country’s digitization economy mentioned the key principles showcasing the country’s approach towards crypto assets. 

According to the document, the government should focus on the establishment and application of state policy regarding the<a href="https://www.cryptoknowmics.com/crypto/major-central-banks-to-discuss-the-central-bank-digital-currencies/"> digital economy</a>, digitization, digital innovation, e-democracy and e-governance, as well as the development of information society and virtual assets, blockchain, tokenization and artificial intelligence.

In particular, the document notes that the industry has no such plans for regulating crypto mining as it is already self-governed by blockchain agreement rules.  The manifesto stated that mining activities form a part of the<a href="https://www.cryptoknowmics.com/crypto/venezuela-team-developing-decentralized-offline-network-for-bitcoin-transactions/"> decentralized network</a> to which they remain loyal. Mining doesn’t require governmental regulatory actions or any other third party-regulations as the network members and protocol itself regulates it.

The government ministry will also support any innovation utilizing these digital technologies even if it is not defined by national law or is unregulated and contribute to the development of distributed ledgers.
<h2>Ukraine Government Will Adopt Best Practices Regarding Crypto Taxation </h2>
The government will adopt the world’s best practices for taxing cryptocurrency-related income. In November, a draft bill was submitted to Verkhovna Rada, the country’s parliament, on crypto taxation.

Furthermore, as per the manifesto, Ukraine strives to promote traditional finance and crypto markets interactions and also prevent any misconduct from both law enforcement agencies and service providers.

In late January, Oksana Makarova, Ministry of Finance head said that the nation’s financial watchdog would keep an eye on crypto transaction above $1,200. He said that the move is to align anti-money laundering in Ukraine with the newest<a href="https://www.cryptoknowmics.com/crypto/ukraine-passes-law-on-aml-with-crypto-policy-based-on-fatf/"> FATF recommendations</a> for crypto transactions.

Ukraine Has No Plans of Regulating Crypto Mining, Says Govt Ministry

Ukraine won’t be creating regulations for the cryptocurrency mining sector, says Ukraine’s Ministry of Digital Transformation.

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

Ukraine Has No Plans of Regulating Crypto Mining, Says Govt Ministry

Top Picks