Mining in Ukraine is Still Not Regulated
The Law on Virtual Assets, recently adopted by the Ukrainian parliament, does not regulate the mining of crypto assets. But in the future, it is planned to amend the laws on taxes related to, among other things, the extraction of cryptocurrencies.
According to the head of the group of advisers of the blockchain4Ukraine interfactional association of people’s deputies, Konstantin Yarmolenko, at the moment, mining in Ukraine is not a subject to licensing as a supplier of digital assets.
If farms legally use electricity for mining, such activity is not prohibited by law. And in the future, it is planned to amend tax legislation, according to which zero VAT will be prescribed for all transactions with virtual assets, except for the sale of equipment or hardware wallets.
On September 8, the Verkhovna Rada of Ukraine adopted the law “On virtual assets“.
The law defines virtual assets as an intangible good that is an object of civil rights. They are divided into secured and unsecured. Cryptocurrencies are classified as the second type. The regulation also defines providers of virtual assets and how they obtain business permits.