Ukrainian authorities said that crypto mining does not require regulatory activity from governmental oversight bodies or other third-party regulations.
Ukraine has just announced the most forward-thinking crypto-mining regulatory policy in the world. What it is? Read on to know more.
The Ministry of Digital Transformation of Ukraine issued a manifesto on virtual assets, in which it stated that mining does not require regulation by the state authorities.
“Mining does not require regulatory activities on the part of state supervisory authorities or other outside rules, this activity is regulated by the protocol itself and network members.”
The authority representatives emphasized that it was loyal to the mining industry as an integral part of open and decentralized networks. With regard to the taxation of virtual asset transactions and the activities of service providers related to them, the Ministry of Digital Transformation of Ukraine promised to use international best practices.
To assess the market demand for digital innovation and risk management, the agency will establish special “sandboxes”. Officials also plan to ensure the interaction of executive authorities on transactions with virtual assets and activities of service providers in the sphere of virtual assets.
It seems that it is a good time for citizens of Ukraine and other countries to consider cryptocurrency mining. It should be noted that this business requires large costs for the purchase and maintenance of equipment for mining. Fortunately, there is a more cost-effective option — cloud mining contracts at Hashmart.io!