For a full-fledged launch of the cryptocurrency industry, it is enough for Ukraine to adopt only the basic, most important norms MiCA. This was stated by Deputy Minister of Digital Transformation Alexander Bornyakov.
Should Ukraine fully adopt the EU’s MiCA regulations on crypto assets? That was the key discussion point at the ETH Kyiv meetup. I believe implementing only crucial provisions to facilitate crypto business adaptation to our jurisdiction’s regulatory framework is the right way pic.twitter.com/11GEESbqfM
— Alex Bornyakov (@abornyakov) May 22, 2023
According to him, since the country received the status of a candidate for EU membership, it is obliged to adapt cryptocurrency legislation to the European market regulation regulation.
However, for a more rapid adaptation of business at the first stage, it is possible to postpone the adoption of some provisions of this law, preferring the gradual introduction of new regulatory mechanisms.
“This will allow the market to earn money, and the crypto business in Ukraine will have enough time to adapt to new regulatory requirements. Thus, our legislation will already now partially comply with European standards, which will avoid excessive regulation of the crypto industry,” wrote official.
Bornyakov also confirmed the plans of the ministry to launch the legal crypto market in Ukraine as quickly as possible.
Recall that on May 16, the Council of the European Union, which includes 27 countries, unanimously approved the MiCA bill. EU member states have also approved new measures to combat money laundering.
The authorities intend to finalize the law “On virtual assets” adopted in Ukraine, taking into account the new European rules.
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