Ukraine has recognized mining cryptocurrency legitimate economic activity

Ukraine has recognized mining cryptocurrency legitimate economic activity

Today, March 15, the core Committee of the Cabinet of Ministers of Ukraine has approved the introduction of the mining of cryptocurrencies in the national classifier of types of economic activity.

Also, the government has charged to experts of the Ministry of economic development, Ministry of Finance, Ministry of justice, Ministry of coal industry, Agency for electronic governance, national Bank of Ukraine (by consent), the NCSSM (under agreement) and SSU (by consent) to develop a regulatory framework regarding the mining of cryptocurrencies.

The reason for this decision was the desire of the government to withdraw mining shadow economic activities. According to first Deputy Prime Minister Stepan Kubiv this step will provide additional inflow of funds in the state Treasury, and will also stop many IT professionals from moving to more favorable for their activity in the country.

Stepan Kubiv noted that Ukraine has a strong position in the global cryptocurrency community and is in the TOP 14 countries in the development of cryptoeconomy and implementation of blockchain projects. However, the legislation is not as progressive.

Introduction paragraph about mining classifier of types of economic activity will occur in the classroom 63.11 “data processing, placing information on websites and related activities”.

The Minister of economic development and trade Stepan Kubiv has published in Facebook:

Mining will get your own KVED in Ukraine. Only that the governmental Committee has approved the decision to amend the classification of types of economic activities a point about mining, as activities to support the functioning of the distributed registry data, ensuring its integrity, transparency and consistency by carrying out computational operations of the computing machine. The details I will explain later.

Stepan Kubiv thanked Vladimir Groisman for their support of this initiative, Alexander Danchenko and the whole Ukrainian cryptocurrency community for constructive cooperation in this matter.

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