Mining is not forbidden in Ukraine and does not require licensing, says key crypto advisor-mining Bitcoin messages

The regulatory status of cryptocurrency mining remains somewhat indefinite even after the recent adoption of the law "about virtual assets". According to a leading consultant for crypto matters in the Ukrainian parliament, the characteristics of digital coins are also not prohibited, if not regulated.

Changes to the Ukrainian Tax Act to regulate accounting for crypto mining entities

The mining digital currencies is outside the scope of the newly adopted legislation of Ukraine, which is intended to regulate transactions with cryptocurrencies in the country. Various accounting aspects in connection with crypto -related activities, including mining, are dealt with in upcoming changes to the Tax Code, an important advisor to the Werchowna Rada, the Ukrainian Parliament, told forlog.

Konstantin Yarmolenko, who heads a team of consultants from the Blockchain4Ukraine representative group, further noticed that mining cryptocurrencies in accordance with the recommendations of the Financial Action on Money Laundering ( Fatf ). Yarmolenko is also the founder and CEO of the non -governmental organization Blockchain4ukraine .

The law on virtual assets introduced a license system for crypto service providers in Ukraine. For example, cryptocurrency exchanges and other platforms that work with digital assets need approval from the Ukrainian Ministry of Digital Transformation in order to continue to be able to work in accordance with the law.

In the absence of special regulations, the characteristics of digital currencies in Ukraine are not prohibited, with the exception of cases in which operators of crypto farms illegally connect their hardware to the power grid. The Ukraine Security Service (SBU) pursues such miners and has switch off mining systems in various regions of the country this year.

The law "about virtual assets", which the Rada in the second reading on Wednesday the legislator made the necessary changes to tax legislation. Yarmolenko announced that the authors are planning to introduce a VAT of 0% for all operations with virtual assets, with the exception of the sale of special equipment and hardware cryptocurrency wallet.

The crypto law was coordinated last December in the first reading in the Rada and this year before the draft was presented for the final acceptance. The law defines virtual assets as intangible goods and distinguishes between secured and unsecured digital assets. Cryptocurrencies fall into the second category.

decentralized digital currencies. However, the deputy minister of digital transformation of the country, Oleksandr Bornyakov, recently placed in a Interview that the Ukrainians can not only keep and act legally, but also can spend crypto through the services of regulated agents by immediate conversion into Ukrainian Hrywnja.

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