Bitcoin Mining Doesn’t Need Oversight: Ukrainian Regulator

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Ukraine Plans to Officially Legalize Bitcoin and Other Cryptocurrencies

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  • A Ukraine regulator says Bitcoin mining industry doesn’t require government interference or regulation

Ukrainian regulator has gone on to give a progressive statement regarding Bitcoin mining by declaring in a manifest that the process doesn’t need government oversight at all. It also ruled out any intervention from other third party organizations or government agencies for this purpose, thus signaling a strong pro-crypto stance.

Published on February 7, Ukraine’s ministry for Digital Transformation believes that cryptocurrency mining doesn’t require third party mediation and regulation as it was itself regulated by robust Bitcoin network’s intricacies and protocol. The progressive agency also laid down future plans to invest and expand the decentralized ledger technology including the opening of blockchain-related sandbox initiatives. The agency is also looking at progressive ways to tax the whole crypto industry without having any negative overall effects on it in the process.

But, despite appearing progressive, Ukraine has some international commitments that might slow the process down. Last year, Ukraine promised to enforce Financial Action Task Force (FATF) guidelines to govern the cryptocurrency sector. It remains to be seen how the outright removal of regulations will affect the government’s stance on this.

 

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