The Ukrainian government continues to develop a package of documents for the legalization of cryptocurrency transactions in the country. Now it’s time for mining.
Ukraine has been trying to adopt legal mechanisms in determining the status of cryptocurrencies and blockchain technologies for several years now.
As Timur Khromaev, head of the National Securities and Stock Market Commission (NCSM), recently said, a law considering cryptocurrency as a financial instrument is already being developed. However, determining the status of cryptocurrency is not the only stumbling block in the legislation. Today, most of the issues related to the crypto-industry have not been resolved.
To complete the work on the legislative framework, the National Securities and Stock Market Commission has developed the “Concept of state regulation of operations with cryptocurrency.” According to the accepted concept, all cryptocurrency transactions should be regulated by this department. The commission plans to pay special attention to conducting ICOs.
As part of the preparation of the bill, a package of documents is being developed to legalize cryptocurrency mining activities on the territory of Ukraine. The Ministry of Economic Development and Trade (MEDT) considers it necessary to include mining in the national classification of types of economic activities as a priority task. It was decided to begin developing a draft law on changes to the national classification last week. According to officials, this will solve the problem of taxation of mining and decentralization of this market. It will allow you to avoid the close attention of law enforcement agencies, make this type of activity official and provide work for IT specialists, reducing their outflow abroad.
It is planned that the new KVED code in the national classifier of economic activities will not be narrowly focused on mining, but will also include activities based on blockchain technology. Both individual entrepreneurs (individuals) and legal entities will be able to choose this code and engage in cryptocurrency activities.
The National Securities and Stock Market Commission notes that there are still many unresolved issues on the agenda in taxation, licensing and control of the cryptocurrency market.. The developed concept is intended to ultimately complete the work on creating a regulatory framework for the functioning and development of the cryptocurrency market in the country.
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