Minister of Economic Development Stepan Kubiv ordered to add the mining to the Classifier of Types of Economic Activities (CTEA), the press office of the Ministry of Economic Development reports.

Reportedly, the Government committee, chaired by First Vice Prime Minister of Ukraine Stepan Kubiv, ordered several state bodies to develop necessary documents in order to add the mining activities to the National Classifier “Classification of Types of Economic Activities” (CTEA) with further development of the Concept on Creation of Favorable Conditions for Mining in Ukraine.

“Ukraine occupies steady positions in global crypto community, ranks among top 14 countries in terms of the development of crypto economy and implementation of projects, based on Blockchain. However, our legislation is not so progressive; we should start from adding “mining” to the classifier of types of economic activities of Ukraine, unshadow it”, Kubiv noted.

Kubiv added that the paragraph on the mining activities should be added to the Classifier of Activities on supporting the distributed database in class 63.11 “processing data, posting information on websites and related activities”, as the mining provides for the services on supporting and providing distributed data registers, including using Blockchain technology, processing data and smart contracts in distributed Blockchain registers.

“With such addition to the Classifier, we will solve the problem of unshadowing the mining market, attract additional funds to the budget, decrease the outflow of qualified IT specialist and reduce pressure on the crypto community”, Stepan Kubiv said.

The first Vice-Prime Minister also added that the balanced decision on this question requires approval from all key state bodies; that is why he ordered the Ministry of Economic Development, the Ministry of Finance, the Ministry of Justice, the Ministry of Energy and Coal Mining jointly with the State Statistics Service, State Agency for e-Governance, NBU (upon consent), NSSMC (upon consent), SSSU (upon consent) to develop the respective draft regulatory act on adding to the National Classifier of Ukraine “Classification of Types of Economic Activities”.