Ukraine Cryptocurrency Mining Companies Are Not Any More Ndded to Obtain License

On June 25th online outlet coingeek.com  reported that Ukraine’s State Service of Special Communication and Information Protection mentioned cryptocurrency mining companies would not any more obtain a license in order to hold their activities, as Ukraine tries to establish order in its nontransparent  regulation of cryptocurrencies.

The resolution was made in reply  to an research registered by the Better Regulation Delivery Office Organization (DRDO).

Cryptocurrency mining in Ukraine has developed very rapidly in Ukraine highly enlarged above the recent couple of years due to the extremely small price of electricity. Crypto miners in Ukraine as well use low electricity price of less than $0.04 per kWh.

According to the report the country gained income of more than $100mn from cryptocurrency mining companies. Crypto miners have excited to the country as it suggests profitable conditions for cryptocurrency mining.

Ukraine’s BRDO indicates that absence of provisions arouses damage to the business. Pursuant to BRDO, the absence of regulation has brought to sanctions regimes and risks from some competent bodies. Several crypto miners have lost significant hardware to authorities who require their transactions in the country are unlawful, while the others have appeared losing their heavily earned cash thanks to lack of a clear regulatory structure.

At the present moment, there are three bills on the docket in Ukraine’s parliament involving the cryptocurrency industry. The first is on the turnover of cryptocurrency in Ukraine, the second centers on encouraging the market of cryptocurrencies and their derivatives, while the third one is a additionally drafting on taxation of crypto incomes and revenues.