The Ukraine authorities have announced plans to adopt the EU’s Markets in Crypto-Assets (MiCA) regulation.
This comes hot on the heels of the European Parliament passing the regulation. This decision is a significant step towards creating uniform regulations for crypto assets across the EU, allowing businesses to operate with greater clarity and competitiveness.
Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, stated on his Telegram channel on April 20 that they are working on implementing some provisions of MiCA to make crypto assets legal in Ukraine.
Yuri Boyko, a member of the National Commission for Securities and the Stock Market, expressed confidence that Ukraine will be one of the first countries to implement the regulation into national legislation.
MiCA has been the result of long efforts of European policymakers to introduce uniform regulations and create standardized rules for crypto assets across the EU.
Currently, crypto businesses are required to adhere to 27 distinct regulatory frameworks across EU member countries, which creates an uneven playing field.
The implementation of MiCA is expected to enhance the competitiveness of startups in the EU, which could lead to a rise in their market share as compared to unregulated competitors.
Although the EU lawmakers still need to conduct legal and linguistic checks for MiCA and publish the bill in the EU journal, the crypto industry has reacted positively to the development.
This move by Ukraine also comes on the backdrop of the country receiving candidate status to the EU in June 2022. The European Council has acknowledged the considerable efforts that Ukraine has demonstrated towards meeting the objectives underpinning its candidate status for EU membership.
Ukraine (MICA) Crypto Regulation
In conclusion, the adoption of the MiCA regulation by the Ukrainian authorities is a significant step towards creating uniform regulations for crypto assets across the EU. The implementation of MiCA is expected to enhance the competitiveness of startups in the EU and create a level playing field for crypto businesses.
This move by Ukraine also demonstrates their commitment towards meeting the objectives underpinning their candidate status for EU membership. Overall, the adoption of MiCA is a positive development for the crypto industry in the EU and Ukraine.