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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.

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