The Ministry of Finance of Ukraine reported that cryptocurrencies mining does not require legislative regulation. This kind of activity is controlled by the network users themselves. According to specialists of the department, the relevant standards are enough to exclude incidents related to fraud and violation of laws.
“The digital assets mining does not require government control. Activities are already regulated within the network according to their own rules, which are not worth interfering with. Cryptocurrency mining cannot be a prerequisite for committing crimes. We can take control only in the field of energy consumption or taxation, but not in the process itself” – representatives of the Ministry of Finance said.
The ministry noted that the decentralized structure of the cryptocurrencies market should be preserved even under the control of state authorities. At the same time, all processes will be as gentle as possible so that industry participants do not feel pressure. The same applies to mining taxation and everything related to digital assets.
When developing relevant bills, the Ministry of Digital Affairs of Ukraine is going to be guided by international experience. We are talking about legal rules applicable in the USA and a number of European countries. Representatives of the department noted that they are ready to cooperate with relevant organizations and accept comments and suggestions from them.
Specialists of the Ministry of Digital Affairs and the inter-factional deputy association Blockchain4Ukraine previously held a meeting during which they discussed a law providing for the monitoring of digital assets. The document, developed by representatives of the department, will contain not only the rules themselves, but also explanations of controversial issues.