The world’s first major comprehensive crypto regulatory framework, the Markets in Crypto Assets (MiCA) regulations, was recently approved by the European Union Parliament, and Ukraine has wasted no time in announcing plans to adopt the framework.
MiCA represents a significant step in integrating crypto assets with the world’s financial system, and Ukraine is poised to become one of the first countries to implement the regulations into national legislation.
In a statement on April 20, Yaroslav Zheleznyak, the deputy chairman of the Tax Committee of Ukraine, expressed the intentions of the Eastern European nation to adopt MiCA regulations.
As a candidate state of the European Union, Ukraine has to manually implement the regulations, but it is a significant move for the country in aligning with the EU’s regulatory framework.
Yuriy Boyko, a member of the National Commission on Securities and the Stock Market, also shed more light on Ukraine’s plan for MiCA regulations, stating that the text of the draft law is almost ready, and discussions with main stakeholders will soon begin.
The introduction of MiCA regulations represents a uniform legislative framework for crypto operations within the European Union, eliminating the need for crypto businesses operating across the EU to comply with 27 different regulatory frameworks.
Although the 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.
Once approved, the MiCA regulations are expected to come into effect as early as 2024, paving the way for a new era of crypto operations within the European Union.
The move by Ukraine to adopt the regulations highlights the importance of a comprehensive regulatory framework for the crypto industry and the potential impact it could have on the global financial system.