In a move aimed at integrating crypto assets with the world’s financial system, 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.
Considered the first major comprehensive crypto regulatory framework in the world, the introduction of MiCA represents a significant step forward in legitimizing crypto operations within the European Union.
Speaking on a Telegram channel on April 20, Yaroslav Zheleznyak, the deputy chairman of the Tax Committee of Ukraine, expressed the intentions of the Eastern European nation to adopt the recently introduced MiCA regulations.
While Ukraine is only considered a candidate state of the European Union following its membership application in February 2022, the country is committed to implementing these regulations manually.
Yuriy Boyko, a member of the National Commission on Securities and the Stock Market, stated that Ukraine is working on the implementation of part of the MiCA provisions so that crypto-assets are legal in Ukraine as well.
The Market in Crypto Assets regulation is considered a significant development in the crypto industry, as it represents a uniform legislative framework for crypto operations within the European Union.
Although these regulations are still subject to approval by the European Union Council, the impressive show of support with over 500 votes from the 705-man EU Parliament provides much optimism ahead of this final hurdle.
Following legitimization by the EU Council, the MiCA regulations are expected to come into effect as early as 2024, eliminating the need for crypto businesses operating across the European Union to comply with 27 different regulatory frameworks.
