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Government Committee chaired by Stepan Kubiv commissions to include mining in the Classifier of Types of Economic Activities

Ministry of Economic Development and Trade of Ukraine, posted 15 March 2018 11:45

March 15, a Government Committee under the chairmanship of First Vice Prime Minister of Ukraine Stepan Kubiv instructed a number of government agencies to work out the necessary documents to include mining into the National Classifier "Classification of Types of Economic Activities" (KVED), with development of the Concept on creation of favorable conditions for mining in Ukraine.

"Ukraine has a strong position in the global crypto space, enters the TOP-14 list of countries with cryptocurrencies being developed and projects being implemented basing on blockchain. But our laws remain vague, we must start, at least, from including "mining" into the classifier of the Classifier of Types of Economic Activities in Ukraine, to bring it out of the shadow, as it is now", stressed Stepan Kubiv.

Stepan Kubiv added that such activity should be placed in the KVED under code 63.11 "Data processing, hosting and related activities" since mining envisages services to support and ensure the functioning of distributed data registers including with the use of a blockchain technology, data processing and smart contracts in distributed ledgers.

"By adding this position to the Classifier, we will solve the problem of shadowing the market of mining, attract additional revenues to the budget, reduce the outflow of qualified IT specialists and reduce pressure on crypto community", Stepan Kubiv said.

First Vice Prime Minister also added that a balanced solution on this issue requires the approval of all key state authorities, and therefore commissioned the Ministry of Economic Development, the Ministry of Finance, the Ministry of Justice, the Ministry of Energy and Coal Industry together with the State Statistics Committee, the E-Government Agency, the NBU (with consent), the NEURC (with consent), SBU (with consent) to elaborate a draft regulatory act to supplement the National Classifier of Ukraine "Classification of Types of Economic Activities".

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