Key Takeaways
- Crypto mining not banned says top Ukraine advisor
- Crypto mining is not part of the latest crypto regulations passed into law
- Ukraine increasingly adopting steps to become a crypto-friendly nation
Crypto mining regulations were not included in the recently passed crypto bill.
However, top government advisor Verkhovna Rada has revealed that crypto mining is not banned and that crypto miners don't need special licenses in the country.
Rada's statements were further echoed by Konstantin Yarmolenko, a stakeholder in the local blockchain community.
He added that the government should not license crypto mining and cited the Financial Action Task Force (FAFT) recommendations.
The new digital asset bill passed into law recently introduced a licensing system for organizations involved in crypto services.
As a result, Crypto exchanges operating in Ukraine will have to apply for licenses from regulators or face sanctions.
Crypto mining is legal in Ukraine, with only exceptional cases where miners illegally connect to the national power grid.
This has become an increasing trend, with the Ukraine police shutting down illegal mining facilities in different regions.
Ukraine has also been taking active steps towards becoming a crypto-friendly country.
According to several reports, Zelensky wants to make Ukraine a "crypto-nation" and promote these new assets, including Bitcoin, within the country.
As a reminder, Ukraine already legislated on cryptocurrency last week.
According to Russian financial expert Vyacheslav Evgenyev, Ukraine now wants to go further: it plans to adopt Bitcoin as a legal tender by 2023 fully.
This would allow the country to rely on El Salvador, which now uses BTC and the US dollar.
What do you think of the growing crypto industry in Ukraine?
