Cryptocurrency Mining in Ukraine Does Not Require License

Ukraine’s State Service of Special Communication and Information Protection stated last week that cryptocurrency miners do not need to secure licenses to conduct their activities. This statement is to answer the inquiry filed by Better Regulation Delivery Office Organization (BRDO) as reported in CoinGeek.
According to the representatives, cryptocurrency mining activity is unique. It is a class of its own. In Ukraine, it is not under any governmental regulation, the activity can be done freely. At this point, the department is yet to introduce licensing for cryptocurrency mining activity.
In many European countries, cryptocurrency mining is regulated. Many companies earned small profit due to high power cost. It offers an open legal system to crypto mining operations and the electricity is more affordable. It only costs less than $0.04 per kWh. These are the reasons why many crypto miners opted to move in Ukraine.
The current legal system in Ukraine may encourage many cryptocurrency miners. This would bring big income to the country. But the lack of government regulation in crypto mining poses more harm than benefits to the country according to BRDO.
There were reports that some crypto miners lost important materials to authorities who allege that they are engaged in a wrongful activity. Others experienced profit loss because of the absence of regulation on crypto mining in the country.
Right now, there are three filed bills on the Rada which focus on the cryptocurrency activities. One is about the “Circulation of Cryptocurrency in Ukraine.” Second centers on “Stimulating the Market of Cryptocurrencies and their Derivatives.” The third one is an added draft about cryptocurrency incomes and profits taxation according to Unian.
In the early part of this year, data showed that cryptocurrency is popular in Ukraine. 72 percent of the internet users are familiar with cryptocurrency, while 13 percent owns cryptocurrency.
On whether cryptocurrency should be legalized in the country or not, the people have varying answers. 41 percent think that government authorities must show support and legalize cryptocurrency activities. But, 19 percent believes that it should be prohibited.

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