While governments and regulators in some countries are passing laws to regulate the trading of cryptocurrencies and, even their mining, other nations advocate a more crypto-friendly approach towards the sector. Ukrainian crypto miners are lucky in this regard because authorities in their country are not yet planning to regulate mining activities for these digital coins. In fact, there seems to be no taxation system in place.

Ukraine’s State Service for Special Communications and Information Protection clarified that the government has no plans to regulate cryptocurrency mining at the moment. Also, there are no licensing requirements needed to start a mining operation.

Anyone can freely set up a mining rig and start churning out Bitcoin, Ethereum or other cryptos right away, which cements Ukraine’s reputation as one of the world’s most crypto-friendly countries.

The statement is a direct response to a previous statement by Ukraine’s Office of Effective Regulation (BRDO) that painted crypto mining to be a risky business where companies engaged in the extraction of digital currencies may face fines and even confiscation of mining equipment. According to BRDO personnel Igor Samohodsky, crypto miners in Ukraine are still hesitant to announce their operations publicly since authorities are a bit inconsistent.

The Verkhovna Rada, Ukraine’s unicameral parliament, previously made efforts to pass regulations to govern the nation’s cryptocurrency industry. However, the three bills failed to advanced which maintains the status quo including license-free crypto mining. At the moment, there are plans to push a bill that will legalize cryptocurrencies, but it might take some time for it to be passed.

Meanwhile, miners can continue to take advantage of Ukraine’s situation where anyone with engaged in mining of cryptocurrencies can so without the need of any license. In fact, many citizens view it as a lucrative opportunity that has now grown into a $100 million industry for the country, according to estimates.

Anyone Can Start Mining Cryptos in Ukraine Even Without a License was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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