Ukrainian Agency Waives Cryptocurrency Mining License Requirements
Many countries require cryptocurrencies to have a license for mining purposes. The license requirement is usually due to the as an economic activity that requires cryptographic protection of information. Those who participate in the market must receive licensing, otherwise they may find themselves subject to fines, confiscation of equipment, and worse.
Ukraine, though, is taking a different approach to cryptocurrency mining. Currently, miners in the Ukraine make, on average, $100 million, so it certainly is a profitable industry. To continue promoting mining practices, legislators drafted three laws that may be soon adopted.
The Ukrainian government took additional initiatives due to a push by the Economic Ministry, which is to add mining to economic activities. Although no schedule has been made concerning the completion of initiative, it too is expected soon.
Worldcore, a payment provider and crypto exchange performed a study on the on the profitability of mining in various countries. The study calculated that the profitability may be hampered by the cost of mining, which requires a great deal of energy. The good news is that when it comes to the Ukraine, which has competitive electricity rates. Based on the rates and the potential legislation, the Ukraine may see more economic activity when it comes to mining.