The Verkhovna Rada of Ukraine has passed legislation that governs virtual currencies and assures protection. Now it requires President Volodymyr Zelenskyy’s approval. Ukraine is becoming the third country to enact cryptocurrency legislation, following El Salvador as well as Cuba. Well before the bill, crypto transactions were not technically illegal, although there weren’t any regulations prohibiting it.
In Ukraine, the legal status of mining bitcoin is still mostly unknown. Post the recent approval of the Digital Asset Legislation, the scenario remains unchanged. The mining of cryptocurrency is not outlawed in Ukraine, despite the fact that it is uncontrolled. It is founded on the Ukrainian congress’s crypto problems. Mining cryptocurrencies has stayed well outside the ambit of Ukraine’s recently passed legislation aimed at regulating cryptocurrency transactions within the republic. Multiple accounting features of crypto-related operations, such as mining, will be discussed in impending tax code adjustments.
According to the suggestions, cryptocurrency mining must not be liable to license, according to Konstantin Yarmolenko, the chairman of Blockchain4Ukraine. In Ukraine, the digital assets legislation provides a licensing structure for cryptocurrency providers. To keep functioning well within rules, cryptocurrency exchanges as well as other services dealing with crypto assets will need permission from the Ukrainian Ministry.
In December, the Rada passed the cryptocurrency bill from the first reading. The document was updated this year before being submitted for finalization. Ukraine, however, will not accept Bitcoin as legal cash. It is worth waiting and watching what decisions the Ukrainian officials take ultimately.