The regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, even after the recent adoption of the law “On Virtual Assets.” However, albeit unregulated, the minting of digital coins isn’t prohibited either, according to a leading advisor on crypto matters at the Ukrainian parliament.
Amendments to Ukraine’s Tax Law to Regulate Accounting for Crypto Mining Entities
The mining of digital currencies has remained outside the scope of Ukraine’s newly adopted legislation intended to regulate transactions involving cryptocurrencies in the country. Various accounting aspects pertaining to crypto-related activities, including mining, will be addressed in upcoming amendments to the tax code, an important advisor at the Verkhovna Rada, the Ukrainian parliament, told Forklog.
Konstantin Yarmolenko, who heads a team of advisors to the multipartisan Blockchain4Ukraine group of deputies, further remarked that the mining of cryptocurrencies should not be subject to licensing as per the recommendations issued by the Financial Action Task Force on Money Laundering (FATF). Yarmolenko is