The European Parliament has approved the first-ever set of regulations for crypto asset markets, known as MiCA. This new law will provide comprehensive oversight and is expected to have a significant impact on the industry, particularly after the collapse of major companies like FTX. It marks a crucial step towards regulating the sector on a large scale, bringing much-needed protection to users and promoting innovation.
Plans to adopt the EU’s MiCA regulations on crypto assets have been announced by Ukrainian authorities, following its approval by the European Parliament.
Ukraine makes headway toward implementing MiCA regulations
On April 20th, it was announced on the Telegram channel of Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, that work is already underway to implement certain provisions of MiCA by him, his colleagues from the National Commission for Securities and the Stock Market (NKCPFR), and other regulators to legalize crypto assets in Ukraine.
It was stated by Yuriy Boyko, a member of the NKCPFR, that he is certain Ukraine will be among the first nations to adopt this regulation in their national legislation.
How Will the EU’s New Cryptocurrency Regulations Benefit Ukraine?
The new regulations of MiCA are expected to increase the competitiveness of EU startups and could result in a rise in their market share compared to unregulated competitors. Despite the need for legal and linguistic checks and the publication of the bill in the EU journal, the crypto industry has positively reacted to the development.
Ukraine’s move to adopt the regulations of the EU’s MiCA comes after receiving candidate status to the EU in June 2022. European regulators have acknowledged the efforts of Ukraine toward meeting the objectives underpinning its candidate status for EU membership.
What do you think of Ukraine’s move towards adopting the EU’s new cryptocurrency regulations? Will it benefit the country and help it towards its goals of EU membership? Only time will tell.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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Ukraine is taking a significant step forward by taking steps towards adopting the European Union’s new cryptocurrency regulations.
The regulations are designed to combat the threat posed by money-laundering and terrorism financing through the use of digital currencies. The regulations would also make it easier for regulators to track suspicious virtual-asset transfers.
The proposed cryptocurrency regulations would set out the rules for the legal use of digital currencies, including the requirement for companies offering services related to cryptocurrencies to register with the Ukrainian authorities and obtain special permission to operate.
The proposed regulations would also require businesses to declare all crypto earnings as taxable income and also ensure that customers are protected from fraudulent investment schemes.
The new regulations are part of the government’s plans to create favorable conditions for the development of blockchain technology and digital assets in the country. The regulations would also allow Ukraine to take part in the global digital currency market, allowing Ukrainians to participate in international trading activities.
The adoption of the EU’s new cryptocurrency regulations by Ukraine could mark the beginning of digital-asset finance in the country. In addition to providing a legal framework, the government also plans to develop effective regulations to encourage the growth of digital asset investments.
The new digital currency regulations will not only benefit businesses in the country but also digital asset players around the world. The Ukrainian government plans to promote a secure and user-friendly environment for digital asset investments.
These proposed regulations demonstrate Ukraine’s commitment to developing the digital asset industry in the country, both for the benefit of businesses and investors operating in the country and the global digital currency markets.
