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Ukrainian Authorities are not Going to Regulate Cryptocurrency Mining

The State Service of Special Communication and protection of Information of Ukraine has confirmed that it does not intend to regulate cryptocurrency mining. Cryptorussia a local news portal reported yesterday.

Digital currencies can be mined without a license according to the representatives of the regulatory authority that oversee any activities requiring licensing. The agency is not planning to introduce any such obligations in the crypto space any time soon, it stated in response to an official inquiry filed by the Better Regulation Delivery Office Organization (BRDO). BRDO is an organization that ensures economic freedom and effective regulations in Ukraine.

Igor Samokhodski, a BRDO official, noted that miners are trying to evade publicity because of the volatility of digital currencies and the unknown reactions of the authorities. It is considering that mining in Ukraine poses a lot of risks because significant digital currency companies face challenges like confiscation of their equipment or massive fines.

Ukrainians are increasingly conscious of digital currencies, and 13 percent of those using the Internet own some form of cryptocurrency, according to a local poll. The total turnover in 24 hours on the three leading crypto exchanges in Ukraine currently reaches $2 mln.

In January, the National Bank of Ukraine (NBU) stated that it was “considering” introducing a digital version of its national currency dubbed the “hryvnia,” but one that would not be a state-issued digital currency, i.e., not based on a Decentralized ledger technology (blockchain).

Last month, the Ukrainian National Securities and Stock Market Commission (SSMCS) announced that it would consider classifying digital currencies as financial instruments.

 

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