Ukraine appears to be eager not only to become a member of the European Union but also to adopt MiCA.
Following the European Parliament's recent approval of the MiCA regulation, Ukrainian authorities have expressed their intentions to integrate the legislation in their own jurisdiction.
On April 20th, Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, announced on his Telegram channel.
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In the message, Zheleznyak highlighted that in collaboration with the National Commission for Securities and the Stock Market (NKCPFR) and other regulatory bodies, they are working towards implementing parts of MiCA to legalize crypto assets in Ukraine.
On top of that, a member of the NKCPFR, Yurir Boyko, noted:
I am sure Ukraine will be one of the first countries to implement this regulation into national legislation.
The introduction of MiCA represents a significant milestone for the cryptocurrency industry within the European Union. The development of MiCA stems from the efforts of European policymakers to establish uniform regulations and introduce standardized rules for crypto assets across the EU.
Currently, crypto businesses must navigate 27 unique regulatory frameworks within EU member countries. The implementation of MiCA aims to foster the competitiveness of startups within the EU, potentially increasing their market share compared to unregulated rivals.
Although EU legislators must still perform legal and linguistic assessments for MiCA and publish the bill in the EU journal, industry players have already celebrated the news.
Ukraine's decision to adopt MiCA demonstrates the growing influence of the EU's cryptocurrency regulations and the global importance of standardized rules in the crypto industry.
Ukraine has recently stepped its foot into the Web3 world. The country's President, Volodymyr Zelensky, has signed the country's first non-fungible token (NFT) collection called UACatsDivision. Proceeds from the sale of these NFTs will go towards purchasing weapons and aiding the military.
