Ukraine To Adopt New Crypto Law Follow The MiCA Regulations

Key Points:

• Ukraine-based authorities are attempting to apply specific MiCA laws in order to make crypto assets lawful in the country.
• They believe Ukraine will be one of the first nations to incorporate new EU laws into national legislation.
• The desire of Ukraine to embrace EU laws comes as MiCA is set to be published in the middle of this year.

With the European Parliament passing the regulation of the Markets in Crypto-Assets (MiCA), countries in Europe have also begun to plan to introduce new laws to facilitate the adoption of legislation for crypto companies, and Ukraine can be a pioneer in this regard.

Yaroslav Zheleznyak, Deputy Head of Ukraine’s Revenue Committee, said on his Telegram channel on April 20 that:

“The European Parliament passed a law to legalize and regulate cryptoassets in the EU MiCA.
The text has been developed, debated and rewritten over the past three years, but the collapse of the global crypto-asset market has accelerated the process a little.
Legislative norms will be fully operational in 2024.
The EU will be the first major jurisdiction in the world with a systemic legislative framework for the field of crypto-assets.
Well, we, together with colleagues from the National Commission for Securities and the Stock Market and other regulators, are already working on the implementation of part of the provisions of MiCA, so that crypto-assets are legal in Ukraine as well.”

The establishment of MiCA is a significant step forward for the European Union’s crypto business.

The bill is the culmination of European officials’ lengthy attempts to implement universal laws and develop standardized norms for crypto assets throughout the EU, since crypto enterprises are now compelled to conform to 27 varied legal frameworks across EU member nations. The adoption of MiCA is projected to increase competitiveness among startups in the EU, perhaps increasing their market share in comparison to uncontrolled rivals.

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

Despite the fact that EU MPs must yet complete legal and linguistic checks on MiCA and publish the bill in the EU journal, several players in the crypto business have responded favorably to the news.

Soon after the voting, cryptocurrency exchange Coinbase stated that the decision marked a watershed moment for crypto regulation since the bill would give crypto firms the confidence to invest and expand in the area.

Some industry experts have warned in recent months that proper oversight of the crypto company is essential. Changpeng Zhao, CEO of Binance, often known as CZ, hailed the EU’s action in a recent tweet, stating that it provides more consumer protection and promotes asset-class innovation.

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