Ukraine will implement EU cryptocurrency rules

The timing of Ukraine's decision to adopt EU standards is timely since the nation will become an EU candidate in June 2022.

Ukraine will implement EU cryptocurrency rules
Ukraine will implement EU cryptocurrency rules

Following the passage of the Markets in Crypto-Assets (MiCA) regulation by the European Parliament, Ukrainian regulators have stated publicly that they will implement the legislative bundle in their own country.

Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, stated on his Telegram channel on April 20 that “We, along with colleagues from the NKCPFR [National Commission on Securities and the Stock Market] and other regulators, are already implementing certain provisions of MiCA to legalize crypto assets in Ukraine.”

Yurir Boyko, a member of the NKCPFR, stated, “I am confident that Ukraine will be among the first nations to incorporate this regulation into national law.”

MiCA represents a significant step forward for the crypto industry in the European Union.

MiCa is the result of extensive efforts by European policymakers to introduce unified regulations and establish standardized rules for crypto assets across the EU, as crypto businesses are presently required to comply with 27 distinct regulatory frameworks in EU member states.

It is anticipated that the implementation of MiCA will increase the competitiveness of EU firms, leading to an increase in their market share relative to unregulated competitors.

Even though EU legislators must still conduct legal and linguistic reviews of MiCA and publish the bill in the EU journal, stakeholders in the crypto industry have responded favorably to the development.

Ukraine’s decision to implement EU regulations coincides with the country’s gaining candidate status for EU membership in June 2022.

According to the European Council, European regulators have “acknowledged the significant efforts that Ukraine has made to meet the objectives underlying its EU candidate status.”