Friday, December 1, 2023

Ukraine plans to adopt EU regulations on cryptocurrency


In the wake of the European Parliament’s passage of Market Regulation in Crypto Assets (MiCA), Ukrainian regulators have publicly stated that they will adopt the legislative package in their country as well.

“We and colleagues from the NKCPFR [National Commission for Securities and the Stock Market] and other regulators, are already working on implementing some provisions of MiCA to make crypto assets legal in Ukraine.”

“I am sure that Ukraine will be one of the first countries to implement this regulation in national legislation,” said Yurir Boyko, a member of the NKCPFR.

The introduction of MiCA marks a major breakthrough in the cryptocurrency industry within the European Union.

MiCA is the result of a long effort by European policy makers to introduce uniform regulations and create uniform rules for crypto assets across the EU, as crypto companies are currently required to adhere to 27 distinct regulatory frameworks across EU member states.

MiCA is expected to enhance the competitiveness of startups in the EU, which could lead to an increase in their market share compared to unregulated competitors.

Related: The Central Bank of Ukraine sees both promises and threats in Bitcoin

Despite the need for legal and language checks for MiCA in addition to the publication of the bill in the EU Journal, many stakeholders in the cryptocurrency industry have reacted positively to the development despite EU lawmakers.

Ukraine’s move to adopt EU regulations comes against the backdrop of an Eastern European country attaining candidate status to the EU in June 2022. According to the European Council, the European regulators recognized “the significant efforts shown by Ukraine to achieve the goals that support its status as a candidate for ‘EU membership'”.

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