Copy link
Increase text size
Decrease text size
Link copied

Ukraine will not regulate cryptocurrency mining activities

Image by skhakirov from Flickr

Tue, 11 Feb 2020, 05:48 am UTC

Ukraine’s Ministry of Digital Transformation published a document on Friday announcing that the government will not be regulating crypto mining in the country, CoinDesk reported.

The ministry, responsible for digital transformation, is convinced that crypto mining does not require regulatory activity as it is governed by the protocol itself. Thus, it decided to just leave it as is.

“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 announcement read (via online translation).

Although the government will not be regulating crypto mining it will still be involved in matters about the crypto space and blockchain. The ministry said that it will focus on the “formation and implementation of state policy in the field of digitization, digital economy, digital innovation, e-governance and e-democracy, development of information society; assuring the development of virtual assets, blockchain and tokenization, artificial intelligence.”

Meanwhile, the government passed the Financial Monitoring Bill into law in December. This has not only subjected cryptocurrency transactions to financial monitoring but also empowered authorities to block crypto wallets and seize illegally obtained assets. This is in line with the European directives and recommendations of the Financial Action Task Force (FATF).

“It is impossible to stop operations now, but it is possible to block crypto wallets and remove illegally obtained crypto assets. This can be done by gaining access to the crypto’s private keys as a result of complex investigations,” said Oksana Markarova, the country’s Finance Minister.

Markarova also shared that an Interagency Working Group has been set up under the VRU Digital Transformations Committee to develop a special law on regulating the circulation of virtual assets in the country over the next four months.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.04.29 02:47:46
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .………………:
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $10,591.00 (-1.47%)
  • Ethereum (ETH) $352.67 (-1.18%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $225.56 (-0.91%)
  • Binance Coin (BNB) $27.15 (-6.47%)
  • Bitcoin (BTC) $10,591.00 (-1.47%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft