Authorities in Ukraine Ratify They Allow to Mine Cryptocurrencies

Ukrainian government authorities have issued a statement reaffirming that users have the freedom to mine in their territory. They explained that there is no supervision by regulatory bodies.

Ukraine reaffirms its commitment and enthusiasm through crypto technology. A few days ago, authorities assured that it is possible to mine in their territory without having state supervision or any prohibition that prevents their activity.

In this way, Ukraine has become one of the countries that have made great efforts to establish adequate parameters and establish the crypto industry. They also hope that this freedom of mining can attract more investors to the sector and boost the use of blockchain technology.

Although Ukraine currently does not have regulatory standards for the use of this technology, in recent months it has managed the realization of a legal framework that helps to update the established laws.

Among the movements most expected to make around the crypts is to allow a powerful attraction for cryptocurrency companies to find in the country a friendly and growing place for their businesses. Ukraine’s position on digital assets and blockchain technology is contradictory to the position of the rest of Europe, which sees this technology as a strong risk of economic imbalance.

In this sense, in an attempt to get the attention of experts in cryptocurrency technology, the Ministry of Digital Transformation of Ukraine invited mining communities to settle in the country since mining is legal in Ukraine. Users will not need to request licenses or permits for their activity. To justify the total freedom of mining in the country, the Ministry assured that this technology is already regulated and limited by the blockchain protocol they use, as well as by their users.

Although there is some freedom for these assets to operate in the country, Ukraine is preparing a reform to the Law against Money Laundering, which would be able to include digital assets among the new assets to be inspected. These legal tools only seek to create a secure environment so that potential investors and companies that work within the country with cryptocurrencies can have support from the state to avoid illegal acts that harm their businesses.

Non-Regulation Could Bring Negative Consequences

Although there are many countries today that view cryptocurrencies as a potential risk to their economies, severe prohibitions that harm all digital activity have not been established. Rather they have tried to dismiss and detract from this activity so that people see negatively the use of crypto assets.

This ambiguous environment could mean an even bigger problem, since cryptographic activity would not be legally addressed, resulting in the lack of regulators that prevent illegal acts with cryptocurrencies.

This is why some authorities of different countries in Latin America believe that establishing a cryptocurrency company is highly risky; especially, when the developers do not have the legal tools to help protect the activities and businesses they conduct.

Every company must have a certain type of legal support that provides security by the regulatory agencies of the country where they work; this ensures success and growth for the company.

Determining the importance of regulatory tools for this technology would allow companies to have the security they need to establish them in the territory, achieving healthy and productive growth.

By María Rodríguez


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