- According to Yaroslav Zheleznyak, Vice Chairman of the Fiscal Committee of Ukraine, the country’s regulators are working to adopt some of the provisions of the European Union’s Markets in Crypto Assets (MiCA) Law.
- MiCA is a legislation proposed by the European Commission in 2020 with the aim of maintaining financial stability and protecting investors.
- The idea is to establish standard regulations for cryptocurrencies, which provides greater legal certainty to the sector, as well as to investors.
Yaroslav Zheleznyak, deputy chairman of the Tax Committee of Ukraine, iHe informed through his Telegram channel that The country’s regulators were working to adopt some of the provisions of the European Union’s Crypto Asset Markets Law (MiCA).
After more than two years in discussions, the European Union made an important movement in favor of crypto regulation. MiCA is a legislation proposed by the European Commission in 2020 with the aim of maintaining financial stability and protecting investors.
On April 20, after two consecutive delays, the European Parliament voted and approved the MiCA law. Now, this will need the approval of the European Council to become law.
The idea is to establish standard regulations for cryptocurrencies, which provides greater legal certainty to the sector, as well as to investors. Many experts believe that good regulation can be a relevant boost towards crypto adoption and innovation.
And, just a few hours after the approval by the parliament, Ukraine endorsed the law for the regulation of cryptocurrencies.
Ukraine works on legalizing cryptocurrencies
For many years the cryptocurrency sector was considered the “Wild West”, this due to the little regulation that existed.
The reality is that, also for many years, regulators underestimated the potential of cryptocurrencies. It was not until the sector began to grow that it managed to attract the attention of legislators.
So much has been the growth that many countries have already established their own regulations, some good and others not so much.
Thus, Ukraine becomes the last country at the moment to declare its commitment to the legalization of cryptocurrencies.
The vice president of the Fiscal Committee of Ukraine assured that they, together with the National Securities and Markets Commission (NCPCR) and other regulators, are already working on “the implementation of some provisions of MiCA to legalize crypto assets in Ukraine.”
Through a press release issued by the NCPCR, Yuri Boyko said:
“This is a truly historic event, I am sure that Ukraine will be one of the first states to imitate this regulation in national legislation. For now, the text of the draft is almost ready and we will start discussions soon.”
Now, it remains to be seen which will be the next countries to announce their plan to implement MiCA. It is expected that this will improve competitiveness and, the greater the adoption, it may favor the entire crypto ecosystem.
It might interest you: