• Ukraine has announced plans to adopt the recently passed Markets in Crypto Assets (MiCA) regulations, making it the first major comprehensive crypto regulatory framework in the world.
• The MiCA regulations have been approved by the European Union Parliament and are expected to be fully implemented soon.
• Ukrainian authorities have expressed their intentions to quickly implement these regulations into national legislation in order to make crypto-assets legal in Ukraine.
Ukraine Adopts MiCA Regulations
Ukraine has announced plans to adopt the newly passed Markets in Crypto Assets (MiCA) regulations barely a day after approval by the European Union Parliament. Being lauded as the first major comprehensive crypto regulatory framework in the world, the introduction of MiCA represents a significant step in integrating crypto assets with the world’s financial system.
Approval of MiCA Regulations
The MiCA regulations have been approved by the European Union Parliament and are expected to be fully implemented soon. With over 500 votes from 705 members of parliament, this impressive show of support provides optimism for further approval from EU Council.
Ukrainian Authorities Embrace MiCA Regulations
While speaking on a Telegram channel on April 20, Yaroslav Zheleznyak, the deputy chairman of Ukraine’s Tax Committee, expressed his nation’s intention to adopt MiCA regulations. He also said that his colleagues and himself are already working towards implementing part of these provisions so that crypto-assets can become legal in Ukraine as well. Yuriy Boyko, a member of NKCPFR (National Commission on Securities and Stock Market), also highlighted this historic event and assured that Ukraine will be one of the first countries to implement this regulation into national legislation shortly.
Significance of MiCA Regulations
The MiCA regulations represent an important development for crypto industry as it sets out a uniform legislative framework for all crypto operations within Europe Union countries. Once approved by EU Council, these regulations will effectively integrate crypto assets with existing financial systems across Europe thereby boosting its legitimacy and creating more opportunities for adoption worldwide.
With Ukraine being one of many nations currently looking into fast-tracking implementation of these new laws, we can expect increased adoption rates as well as enhanced legitimacy for cryptocurrencies across Europe over time following full realization of these laws.