Ukraine’s Ministry of Digital Transformation: Crypto Mining Doesn’t Need Govt. Regulation

The Ministry of Digital transformation in Ukraine has stated that it has no intention to come up with measures to regulate crypto mining in the country, CoinDesk reports.

On Feb 7, the ministry released a document on digital assets outlining Ukraine’s approach on crypto assets. According to the document, the major aim for the government when it comes to crypto assets should be creation as well as implementation of a government policy which enhances innovation as well as assuring the creation of digital assets and tokenization.

Notably, the ministry stated that there are no intentions of regulating the crypto mining sector since the sector is self-governed through blockchain consensus rules as well as network members. The manifesto stated:

“Mining does not require regulatory activity from governmental oversight bodies or other third-party regulations, this activity is regulated by the protocol itself and network members.”

The ministry also expressed its willingness to support the development as well as implementation of blockchain-based technologies and solutions. To this effect, the ministry will start sandboxes which will help to analyze, verify as well as assess the potential risks when the technology is introduced in the market.

The ministry also stated that it will act as a bridge between the digital assets developers and the financial market. The report also says that the government will strive to come up with the best procedures when it comes to digital assets taxation.

Ukraine has been actively exploring on how it can enhance innovation in the blockchain and crypto space. Last month, the country’s minister in charge of finance revealed that the nation’s State Financial Monitoring Service of Ukraine (SFMS) had been mandated to monitor Ukrainian’s crypto wallet to establish the source of crypo and how it has been used.

Late last year, Ukraine passed a new anti-money laundering law which is in tandem with FATF guidelines. As developed, the new AML law also gives guidelines on how to handle digital asset service offerers. The law also provides guidelines regarding how the government will monitor as well as regulate crypto trading.

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