Ukrainian Authorities Has No Plans to Regulate Cryptocurrency Mining

The State Service for Special Communication and Information Protection of Ukraine has said that it doesn’t intend to control cryptocurrency mining, news portal cryptorussia.ru revealed June 25.

In light of an official request for information by the Better Regulation Delivery Office’s (BRDO), the agents of the regulatory authority allegedly said that they have no aim to present licenses for crypto mining as a unique sort of activity. The BRDO is an association that promotes economic flexibility and productive regulations in Ukraine.

Igor Samokhodski, BRDO official said that miners are attempting to deter publicity because of the uncertainty of cryptocurrency. According to the BRDO, mining still conveys huge hazard in Ukraine, as crypto organizations face the likelihood of significant fines or having their equipment seized.

A local survey prior this year reported that 72 percent of Ukrainians who utilize the web realize what cryptocurrency is, while 13 percent of such respondents possess some type of cryptocurrency. 41 percent of respondents claim that authorities should support the sanctioning of crypto, while 19 percent figured it ought to be restricted outright.

A month ago, Cointelegraph reported that Ukraine was preparing regulations to legitimize cryptocurrency. As indicated by the archive, the nation’s authorities say the regulation would build up a “free and transparent” digital asset in Ukraine. While the paper traces rules for storing, utilizing and exchanging cryptocurrencies and smart contracts, it also proposes administrative measures for keeping the utilization of crypto for money laundering, terrorist financing, and other criminal activities.

In May, the Ukrainian National Securities and Stock Market Commission reported that it will consider accepting cryptocurrencies as a budgetary instrument. The leader of the commission, Timur Khromaev, recommended that crypto assets and activities ought to be considered within existing legitimate systems based on the standards behind the asset. He said that new rules and regulations for cryptocurrencies will be characterized on a national level as “it is still a long way off [for] international standards.”