The Ukrainian government has taken concrete measures aimed at legalizing cryptocurrency mining. The minister of the country’s economy has asked other ministries, state agencies, and central banks to initiate the preparation of necessary documents to incorporate mining into the national economic activity registration regulations.
Relieve pressure on the crypto community
The Ukrainian Minister of Economic Development, Stepan Kubiev, has ordered several other departments and agencies in the country to “do the necessary things” to include cryptocurrencies in the category of national economic activities.
It is reported that the Ukrainian Ministry of Economic Affairs, the Ministry of Finance, the Ministry of Justice, the Ministry of Energy, and the department responsible for e-government and the Ukrainian Department of Statistics are preparing to prepare a draft to amend the existing national economic activity registration regulations. According to Stepan Kubiev:
"Incorporating cryptocurrency mining into the national economic activity classification will enable us to get rid of shadow economy problems and obtain more budget revenue."
Not only that, but Stepan Kubiev also pointed out that legalized cryptocurrency mining can reduce the flow of Ukrainian IT professionals overseas, and that this latest move will also ease pressure on the local cryptocurrency community.
Ukrainian government makes progress on cryptocurrency regulations
In fact, this is not the first time that the Ukrainian Ministry of Economic Affairs has initiated a cryptocurrency-related activity that legalizes the country. In January this year, the cryptocurrency issue was discussed at the Ukrainian cybersecurity conference. In addition, the Ukrainian National Security Council has also set up a dedicated working group responsible for completing regulations concerning the circulation and taxation of cryptocurrencies. In addition, the Ukrainian electronic police department also called on the government to either legalize the cryptocurrency or simply prohibit it.
Since October last year, Congress has introduced three draft discussions, but the Ukrainian National Assembly has not made any significant progress on these issues. (Golden Finance)
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