Ukrainian authorities

Ukrainian Authorities have no Plan to Regulate Cryptocurrency Mining

Ukrainian Authorities have no Plan to Regulate Cryptocurrency Mining

According to the State Service for Special Communication and Information Protection of Ukraine, there is no plan by any authority to regulate the mining of cryptocurrency in Ukraine. This development was made known after the Better Regulation Delivery Office’s (BRDO) officially requested for the information of the plan of Ukrainian authorities as regards the mining of cryptocurrency in Ukraine. This statement is coming at a time when the Ukrainian Government is working on plans to legalize cryptocurrency. Just last month, it was reported that Ukraine was working on a draft legislation that would ensure the legalization of digital currencies in the country. It is expected that when ready, this drafted legislation will address issues concerning the storage, the use and the exchange of digital currencies as well as smart contracts in Ukraine. Also to be contained in this document are measures which are targeted at putting a check on the use of cryptocurrencies for the purpose of financing terrorism and also money laundering.

How has Cryptocurrency Fared in Ukraine

In a survey that was carried out in Ukraine at the beginning of the year, it was discovered that about 72% of Ukrainians that constantly make use of the internet are aware of the existence of cryptocurrency. 13% of this 72% of Ukrainians that are aware of cryptocurrency are owners of various digital currencies. Also, 41% of those that are aware of the existence of cryptocurrency are in support of the Ukrainian Government legalizing cryptocurrency. However, 19% believe that cryptocurrency should be banned completely.

What Plan do Ukrainian Authorities have for Cryptocurrency

It was announced in May by the Ukrainian National Securities and Stock Market Commission that plans were underway to recognize cryptocurrencies as a financial tool. Although there will be rules for the use of cryptocurrency, Timur Khromaev, the head of the Ukrainian National Security and Stock Market Commission has made it clear that these rules will not be based on international standards but on what challenges that the country needs to tackle at the moment.

About Better Regulation Delivery Office

The Better Regulation Delivery Office (BRDO) is a body that is concerned with ensuring the availability of a regulatory environment that is ideal for businesses to thrive. This body works towards making rules and regulations that will encourage investments and the growth of businesses available. As a body, BRDO is responsible for helping build a working relationship between businesses and regulators. With this relationship, major business challenges can be properly handled.

The Better Regulation Delivery Office has asked for plans of Ukrainian authorities to regulate cryptocurrencies because lots of crypto enthusiasts in Ukraine are scared of revealing their identities for the fear of being arrested.

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