Ukraine Introduces Sound Crypto Mining Regulatory Policy

Sunday 5 February 2020, 5:15 AM AEST - 3 months ago

Ukraine has just announced the most forward-thinking crypto-mining regulatory policy in the world.

Ukraine is Positioning Itself to be a Global Leader for Crypto

Ukraines Manifesto of the Virtual Assets Ministry, Ministry and Committee of Digital Transformation of Ukraine, has just released the sanest and sound crypto-regulatory policy for Public Blockchains and Proof of Work (PoW) mining on earth.

The regulatory ministries have concluded that Bitcoins protocol and enforced consensus rules are enough to regulate the onchain activities, as the networks rules are enforced by the protocol itself, node operators and social consensus of users themselves. It does not need government oversight or intervention.

Ukranian officials understand that blockchain technology is self-regulating due to its use of open-source protocols, and open network access which allows privacy and free movement of assets, secured by a decentralized network, cryptography, PoW, and social consensus.

Instead of micro-management and egregious regulatory demands, Ukranian officials are focusing on developing state policy in the field of digitization, digital economy, digital innovation, e-governance and e-democracy, and the development of information society.

Ukraines regulatory policy is trying to jumpstart participation in the development of virtual assets, blockchain and tokenization, artificial intelligence, and other tech innovations.

The US is Losing Position as Technology Innovator

This is a breath of fresh air and shows that Ukranian officials actually understand permissionless and open public blockchains.

Most crypto regulations are laughably stupid attempts to micromanage the self-regulating activities of using public blockchains, with antiquated holdover strategies from the legacy financial system.

A great example of this type of stupid regulation is Fincens travel rule for crypto bu ...

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