Ukraine to Adopt EU’s MiCA Regulations
• Ukrainian authorities have announced plans to adopt the EU’s Markets in Crypto-Assets (MiCA) regulations.
• MiCA is an effort of European policymakers to introduce uniform regulations and create standardized rules for crypto assets across the EU.
• Ukraine’s move comes after receiving candidate status to the EU in June 2022.
EU’s MiCA Regulation
The European Parliament recently passed the Markets in Crypto-Assets (MiCA) regulation, which seeks to introduce uniform regulations and create standardized rules for crypto assets across the EU. 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. It is yet to be published in the official journal of the European Union, but different stakeholders in the crypto industry have reacted positively to this development nonetheless.
Ukraine’s Plans To Adopt MiCA
The deputy chairman of Ukraine’s Tax Committee, Yaroslav Zheleznyak, said that they are already working on implementing some provisions of MiCA in order make crypto assets legal within Ukraine. Yuriy Boyko from NKCPFR also noted that he is sure his country will be among one of first countries to implement this regulation into national legislation.
Ukraine Receives Candidate Status To The EU
Ukraine has received candidate status for membership at the European Union starting June 2022. The European Council acknowledged ‘the considerable efforts that Ukraine has demonstrated towards meeting objectives underlying its candidate status for EU membership’ which makes adopting new regulations easier and faster than usual.
The adoption of MiCA by Ukraine indicates a major advancement for both Ukrainian and European crypto industry as it looks forward towards creating uniform regulations and standardized rules for all types of digital currencies within Europe. This would increase competition amongst startups leading them towards higher market share as compared to unregulated competitors, resulting in huge success stories coming out from Eastern Europe soon enough!