The Government of Ukraine Plans to Legalize Mining and to Impose a Tax on Cryptocurrencies


Published on 10 Oct. 2019
Prapor

On October 7, members of the Ukrainian Government held an open meeting with representatives of the local crypto community. During this meeting, the Ministry of Digital Transformation of Ukraine, the authority of which includes implementing state policy within the IT field, explained its position regarding the utilization of blockchain technology
within state management and the development of virtual assets overall.

During this meeting, the representatives the Ministry of Digital Transformation of Ukraine (Mincyfra) highlighted that matter of cryptocurrency legalization, as well as blockchain using,  is the primary one for the Ministry, also, they outlined directions on which the Ministry plan to concentrate foremost.

The Mincyfra wants to start from the legal definition of basic concepts. Legally defined terminology will be implemented with changes into the Law "About Electronic Registries". Also, authorities plan to implement the recommendations of the Financial Action Task Force on Money Laundering (FATF). Without those steps, the legalization would be impossible.

The Mincyfra plans to legalized mining, international exchanges’ activity, also it wants to use blockchain in state registers.

The cryptocurrencies will be taxed in Ukraine, but there are no details on that matter. Now Mincyfra is looking for the combinations which would arrange all the parties.

The participants of the meeting emphasized that there is a mutual understanding between the deputies, who oversees this subject in the Verkhovna Rada of Ukraine, Mincyfry, and the market. And they work together on creating a regulatory and legislative framework. They are planning to implement those plans during the next 2-3 years.


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