Ukraine Leans into Crypto with MiCA Implementation Plans
The Ukrainian government has recently announced its plans to adopt the Markets in Crypto Assets (MiCA) regulations.
This comes shortly after the European Union Parliament approved the regulations, which are being hailed as the world’s first major comprehensive crypto regulatory framework. The move is expected to help integrate crypto assets with the global financial system.
Yaroslav Zheleznyak, the deputy chairman of the Tax Committee of Ukraine, recently stated on a Telegram channel that he and other regulators are already working on implementing MiCA provisions to make crypto assets legal in Ukraine.
This is a significant development, as Ukraine is currently considered a candidate state of the European Union and needs to manually implement the regulations.
Yuriy Boyko, a member of the National Commission on Securities and the Stock Market (NKCPFR), stated that Ukraine is preparing to be one of the first countries to implement MiCA into national legislation. The draft law is almost ready, and discussions with key stakeholders will commence soon.
The MiCA regulations represent a uniform legislative framework for crypto operations within the European Union.
The European Union Council still needs to approve the regulations, but the fact that they received significant support from the EU Parliament gives hope for a successful outcome. Assuming they are approved, it is anticipated that the regulations will take effect in 2024, which will make it easier for cryptocurrency businesses to comply with the rules across the EU.
Ukraine’s implementation of MiCA regulations demonstrates its dedication to harmonizing with the EU’s cryptocurrency policies and potentially attaining membership in the future.
Additionally, these regulations are projected to stimulate expansion within Ukraine’s cryptocurrency sector, which has played a crucial role in the nation’s endurance since the Russian invasion in early 2022.