Jun 26, 2018 by Andrei Calina

Lately, several European regulations were issued, as well as a wave of taxes, so cryptocurrency mining can be considered a ‘luxury’. The government made it difficult for mining companies to set them up, but there’s still a way.

According to Cryptovest, Ukraine decided that this is the perfect moment to take direction and transform itself into an attractive hub for miners.

Mining for all, for an undetermined period

The State Service for Special Communications and Information Protection Ukraine declared that, currently, there are no plans in place to require any licensing for mining cryptocurrencies. Considering this, we won’t be surprised if a lot of miners will eventually move their headquarters in Ukraine.

For the past years, Ukrainian miners managed to make over $100,000 out of these activities, but this doesn’t mean that they were constantly at risk. Still, this implied several risks, as no one really knew if Ukraine would eventually apply fines for miners if the operations were done without licensing.

Some of the companies that wanted to mine in Ukraine basically had to accept the idea that, at some point, the government could put an end to their activities, all of a sudden. But they accepted the risk, in the end.

Technically, speaking the news regarding the government’s refusal to regulate miners is good for them, as the country is struggling to find common ground on how cryptocurrencies, as a whole, should be regulated.

The parliament tried to introduce three bills regarding this until date, but none of them made it through for approval.

Will every miner move to Ukraine?

Right now, Ukraine can be considered a “Wild West”, but knowing this, the government formed what they like to call a working group, in an attempt to develop regulations for the entire cryptocurrency market.

Until now, despite all their efforts, there is no comprehensive policy from the government, while those who want to trade freely or develop companies based on the market are exploiting the momentum.