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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