Ukrainian Authorities Say That Crypto Mining Should be Free of Regulatory Figures

News / 10.02.2020

Ukrainian authorities are currently noticing that there is no need for government oversight bodies to conduct regulatory operations in the Crypto mining field.  

The Ukraine Ministry of digital transformation on February 7th released a manifest on virtual assets, i.e., crypto assets. In this release, they particularly stated that government regulations are not necessary for Crypto mining. The crypto world does not need regulations since it’s self-regulated by the protocol and network members. 

Similarly, the ministry highlighted the development and implementation of decentralized networks, and the setting up sandboxes to verify them. The technologies and sandboxes and technologies will help in assessing the possible market risks. 

The agency gave a promise to enhance financial markets interaction to virtual assets, including bolstering their growth. 

When it comes to taxing digital assets, the agency will establish the best practices, including the best mechanisms to prevent abuse of business law enforcement. 

Ukraine has been showing some serious interest in the digital currency ecosystem, including the blockchain world. 

Some reports are arising that the finance minister in Ukraine said that the State Financial Monitoring Service of Ukraine, will have a core responsibility of tracking the origin of their citizens Crypto wallets. The aim was to ensure the SFMS gets to know all the Crypto origin and also how the owner will spend the assets. 

In December 2019, the Ukrainian government approved a money laundering law, which involved managing virtual assets and their service providers. The management of the assets would follow the FATF guidelines. 

This money laundering law drives the government to watch and regulate trading in the Crypto world. Some of the guides are centered on individual crypto transactions not up to $1,300, with the government getting the public key for the sender and financial Monitoring.

Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.