Ukrainians Don’t Intend to Regulate Cryptocurrency Mining
Ukrainian authorities revealed that they do not follow to regulate cryptocurrency mining activities, reported cryptorussia.ru on 25 June.
The State Service for Special Communication and Information Protection of Ukraine responded to the request from the Better Regulation Delivery Office’s (BRDO), clarifying that the authority does not have plans to create a regulatory framework for cryptocurrency mining. They do not intend to force miners to operate with a license.
“To date, the country’s crypto currency can be extracted freely, without special permission documents, and in the near future such measures will not be taken,” wrote cryptorussia.ru.
Miners are still at risk
According to BRDO representative Igor Samokhodski, miners avoid promoting their activity because of unclear legislation, respectively they avoid the possible punishments of the authorities. He confirmed that mining activities are still at risk, as companies that deal with it can always be fined by the authorities.
Following a national survey released this year, 72% of Ukrainian citizens who have access to the internet have been identified as knowing the general definition of “cryptocurrency”, while 13% of them hold some virtual assets. Nearly half of respondents mentioned above agreed that the crypto sector should be subject to regulation, while 19% claimed the authorities should ban crypto.
“The survey was conducted using the online survey from 20.04.2018 to 30.04.2018. The geography of the study is the whole of Ukraine (except the zone of the ATU and ARC), the urban population, men and women aged 18-55. Sample 1000 respondents, quota by gender, age, region and size of the settlement,” reported TNS.
Ukrainians launched a draft regulatory framework
In May, the Ukrainian authorities launched a draft regulatory framework for the crypto sector. According to the document, Ukraine would create a “free and transparent” crypto market. The draft rules follow for keeping and trading cryptocurrencies as well as smart contracts. Also, the document includes measures to protect users against money laundering, identity theft, and other cybercriminal operations.
“We go to the home stretch to create conditions for digital tokens and cryptocurrency in Ukraine. This is the outcome of many meetings and work of many people. There are many more nuances left to figure out. The final version will be ready in two weeks. I ask you to comment and edit. The thoughts of market practitioners are especially important,” the member of the Ukrainian Parliament Alexei Mushak wrote on his Facebook account next to the attached legislative document.
In the same month, the Ukrainian National Securities and Stock Market Commission revealed that it will recognize cryptocurrencies as a “financial instrument“. Timur Khromaev, the head of the authority argued that the crypto sector should be taken under the supervision of current legislation. He stated that the new regulatory framework for cryptocurrencies should be developed nationwide as “it is still a long way off for [international] standards.“