Ukraine-based regulators are working on implementing some provisions of MiCA to make crypto assets legal in Ukraine.
Following the adoption of the Markets in Crypto-Assets (MiCA) law by the European Parliament, Ukrainian officials have openly announced that they would also adopt the legislative package there. On April 20, Yaroslav Zheleznyak, the deputy chairman of the Ukrainian Tax Committee, stated on his Telegram channel:
“We, along with 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.”
Yurir Boyko, a member of the NKCPFR said,
“I am sure Ukraine will be one of the first countries to implement this regulation into national legislation.”
A significant development for the cryptocurrency sector in the European Union is the implementation of MiCA. Since crypto firms are now compelled to abide by 27 different regulatory frameworks across EU member countries, MiCA is the culmination of years of work by European policymakers to adopt universal legislation and establish standardized norms for crypto assets throughout the EU.
MiCA’s implementation is anticipated to make startups in the EU more competitive, which could increase their market share relative to uncontrolled rivals.
Despite the fact that MiCA still needs to pass legal and linguistic scrutiny from EU MPs, as well as be published in the EU journal, several participants in the cryptocurrency business have responded favorably to the news.
The decision by Ukraine to embrace EU laws comes as the Eastern European nation prepares to receive candidate status from the EU in June 2022. European regulators have, in the words of the European Council, “acknowledged the considerable efforts that Ukraine has demonstrated towards meeting the objectives underpinning its candidate status for EU membership.”
