Ukraine is reportedly gearing up to roll out new crypto regulations before the end of the year, taking inspiration from the EU’s Markets in Crypto-Assets (MiCA).
Forbes Ukraine has reported that the National Commission on Securities and the Stock Market, the Ministry of Digital Finance, and the National Bank of Ukraine are working on the plan along with MPs and law enforcement agencies. They are also receiving guidance from various “crypto market players,” including Ernst & Young (EY) and USAID Financial Sector Reform, who have formed a “working group.”
According to reports, Verkhovna Rada’s Financial Committee is also working on proposals in line with MiCA. According to Yaroslav Zheleznyak, the First Deputy Chairman of the committee, the proposed legislation has the potential to be presented to parliament during the summer session and ratified by the end of the year. After that, the central bank is expected to have the final say on the bill.
The new legislation is expected to be more detailed and comprehensive than the previous crypto law passed in 2021. The legal terms for crypto-assets will be comprehensively spelt out, and the bill will also focus on taxation-related matters.
The new regulations are expected to impact the Ukrainian crypto market significantly. As per reports, the bill will be “adapted to European standards” and in line with MiCA. Adopting these new regulations is viewed as a positive step towards regulating the crypto market in Ukraine, which has so far been operating in a grey area.
The Ukrainian government’s move to regulate the crypto market aligns with the global trend of governments taking a more proactive stance towards cryptocurrencies. Regulators worldwide are trying to find the right balance between fostering innovation and protecting investors. With these new regulations, Ukraine will join the ranks of other countries that are taking steps to regulate their crypto markets.
