Barely a day after the European Parliament approved the implementation of the Markets in Crypto Assets (MiCA) laws, Ukraine has indicated readiness to adopt the new regulation. The war-torn country has been fighting with Russia since February 2022 after the latter started a military offensive against it due to Ukraine’s decision to join NATO.
Ukraine Joins MiCA Bandwagon
The MiCA regulation is lauded as the world’s first comprehensive crypto-related guideline. Hence, Europe will become the first region to implement regulatory clarity for the digital asset industry.
Moreover, introducing the regulation represents a significant step in the government’s recognition of crypto assets as an investment category. According to the deputy chairman of the Tax Committee of Ukraine, Yaroslav Zheleznyak, the Eastern European nation intends to adopt the recently passed MiCA regulations to provide more clarity for the country’s digital asset sector.
Yaroslav applauded the EU for being the first jurisdiction in the world to have a comprehensive legislative framework for the crypto industry. He added that the National Commission on Securities and the Stock Market (NKCPFR) and other regulatory agencies are working on implementing parts of the new regulations.
The Ukrainian official noted that integrating parts of the MiCA provisions is to make crypto assets legal in the country. However, Ukraine is expected to manually adopt the part of these regulatory guidelines that suits its country’s requirements.
Meanwhile, Ukraine is yet to be considered a member of the EU despite its membership application in February before the war. A member of the NKCPFR, Yuriy Boyko, shed more light on Ukraine’s plan for implementing the MiCA rules on the commission’s official site.
The official noted that the passage of these crypto guidelines signifies a historic moment for the Eastern European country and that Ukraine will be the first to implement the new law into its national legislation.
Importance Of The Mica Laws
The MiCA regulations are considered an important development in the crypto space regarding having a uniform regulatory framework for the European Union zone. While MiCA is still subject to the approval of the European Union Council, it has enjoyed an impressive show of support from member states, with more than 500 votes recorded from the 705-man EU Parliament.
As a result, the outcome of the vote has provided massive optimism for crypto players as they await the body’s final decision. Following the green light from the EU Council, the new regulations are expected to come into effect in early 2024.
Consequently, crypto businesses would no longer be required to comply with the different regulatory frameworks across the 27 member states making up the EU. Crypto adoption in Ukraine has continued to rise since February 2022 after Russia invaded the country.
Accordingly, cryptocurrency has become a significant part of the Ukrainian Army’s donations. Between February 2022 and February 2023, the country received about $212.1 million in crypto donations, according to the blockchain analytics platform, Elliptic.
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