Ukrainian regulators have announced their intention to adopt the Markets in Crypto-Assets (MiCA) regulation, which was recently passed by the European Parliament. Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, stated that he and colleagues are already working on implementing some provisions of MiCA to make crypto assets legal in Ukraine. The introduction of MiCA aims to establish standardized rules for crypto assets across the European Union, which could enhance the competitiveness of startups and lead to a rise in their market share compared to unregulated competitors. Despite still requiring legal and linguistic checks and publication in the EU journal, stakeholders in the crypto industry have responded positively to the development. Ukraine's move to adopt EU regulations comes after the country received candidate status for EU membership in June 2022.

(By AMAKA NWAOKOCHA)

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