Ukrainian Authorities are Ready to Embrace Crypto Mining

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Layer1 and its operations

The crypto industry is actively developing and countries step-by-step started to realize the importance of cryptocurrencies. Some former Soviet countries are also willing to embrace crypto-related businesses such as Ukraine.

Last year, Ukraine adopted the law against money laundering in accordance with the latest Financial Actions Task Force recommendations.

For the first time in history, Ukrainian anti-money laundering law includes crypto as an asset that requires monitoring. The State Financial Monitoring Service will track transactions exceeding $1,200.

Crypto Industry and UkraineUkrainian authorities and cryptocurencies

Last week, Ukraine’s Ministry of Digital Transformation published a manifesto connected with this topic.

This ministry is responsible for the digitization of Ukraine’s economy. Therefore, the information provided in this document can be used to learn more about the ministry’s plans.

Furthermore, this document includes the main principles of the country’s approach to crypto-assets. According to the manifesto, one of the main goals for the government is to encourage is the formation and implementation of state policy in this field. Also, Ukraine’s government is keen to develop the digital economy, digital innovation, etc.

Hopefully, the ministry responsible for digitation has no intention to impose rules regarding crypto mining. The industry operates based on blockchain consensus rules. As a result, the industry will retain autonomy.

Moreover, the ministry will contribute to the development as well as market introduction of distributed ledgers. Also, officials will create regulatory sandboxes for the blockchain industry.

The Ukrainian government plans to adopt the best practices when it comes to taxing crypto-related income.

Crypto mining is a lucrative business, and Ukrainian companies have the chance to earn money by investing in this industry. Ukraine’s current president, as well as the government, are ready to support new projects. This is an excellent opportunity for local and foreign investors to support the local economy. Crypto mining companies should pay more attention to Ukraine.

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