Ukrainian Authorities Are Not Looking Forward To Regulating Crypto Mining

A new report yesterday from the State Service for Special Communication and Information Protection of Ukraine revealed that the country’s plans are not in the direction of regulation of cryptocurrency mining.

This comes as a response to an official request for information by the Better Regulation Delivery Office’s (BRDO) representatives. As the regulatory body said, they have no intention to introduce any licenses for crypto mining as a special kind of activity. Meanwhile, the BRDO is also an organization that promotes economic freedom and efficient regulations in Ukraine.

According to the official at BRDO, Igor Samokhodski, miners are trying to avoid publicity due to the uncertain status of the cryptocurrency craze – and unpredictable reactions of the authorities.
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As BRDO revealed, mining still carries significant risk in Ukraine and crypto companies face the possibility of major fines of having their equipment confiscated.

As a local poll earlier this year revealed, even 72% of Ukrainians who use the Internet know what cryptocurrency is, and 13% of the respondents own a form of cryptocurrency. Even 41% of the respondents said that authorities should support the legalization of crypto and 19% said that it should be banned outright.

In May this year, the Ukrainian National Securities and Stock Market Commission announced that it will consider recognizing cryptocurrencies as a financial instrument. The body also said that rules and regulations for cryptocurrencies will be defined on a national level as “it is still a long way off [for] international standards.”

Ukraine is one of the most forward-thinking countries when it comes to cryptocurrencies. The community in the main city, Kiev, has even pulled an initiative to replace one major monument with one of Satoshi Nakamoto, praising the potential that digital currencies bring.