Ukraine is set to adopt the recently passed Markets in Crypto-Assets (MiCA) regulation from the European Union, marking a significant step towards integrating cryptocurrency assets into the nation’s legal framework.
As the European Parliament approved the MiCA legislation, Ukrainian regulators have expressed their intent to implement the same regulatory package in their country.
Ukraine regulators working to implement MiCA provisions
Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, stated on his Telegram channel that they are already working alongside the National Commission for Securities and the Stock Market (NKCPFR) and other regulators to integrate some provisions of MiCA into Ukrainian law.
Yurir Boyko, a member of the NKCPFR, expressed confidence that Ukraine would be among the first countries to implement the regulation into its national legislation.
The MiCA regulation represents a major development for the cryptocurrency industry within the European Union. It is the culmination of extensive efforts by European policymakers to establish uniform regulations and create standardized rules for crypto assets across the EU.
Currently, crypto businesses are required to comply with 27 different regulatory frameworks across EU member countries.
Positive impact on EU startups and market share
The introduction of MiCA is expected to boost the competitiveness of startups in the EU, potentially leading to an increase in their market share compared to unregulated competitors.
While EU lawmakers still need to conduct legal and linguistic checks for MiCA and publish the bill in the EU journal, various stakeholders in the cryptocurrency industry have reacted positively to the development.
Ukraine’s decision to adopt EU regulations comes as the Eastern European country was granted candidate status for EU membership in June 2022.
The European Council has recognized the significant efforts Ukraine has made to meet the objectives underpinning its candidate status for EU membership.
By adopting the MiCA regulation, Ukraine further aligns itself with the EU’s regulatory framework and demonstrates its commitment to fostering a more unified and secure cryptocurrency market.
