Crypto regulatory frameworks need to coordinated internationally, but tweaked to meet local differences, legal experts said at a panel at Consensus 2023 on Friday.

Ukraine is reportedly working on new crypto regulations inspired by the EU Markets in Crypto-Assets (MiCA), with the aim of implementing them before the end of the year. The National Commission on Securities and the Stock Market, the Ministry of Digital Finance, the National Bank of Ukraine, and MPs are currently working on the plan. The Verkhovna Rada's Financial Committee is also working on proposals in conjunction with law enforcement agencies, with input from EY and USAID Financial Sector Reform. The central bank will have the final say on the bill, which will likely include spelling out legal terms for cryptoassets and focusing on taxation-related matters. Traders would likely be obliged to pay capital gains tax on crypto-to-fiat sales only, with crypto-to-crypto trades not subject to any taxation.

The forthcoming European Union (EU) rules for stablecoins, known as Markets in Crypto Assets (MiCA), will focus on ensuring that issuers have diverse reserves, manage conflicts of interest, and do not transmit risks to other players. The rules are set to take effect in 2024, but crypto market players are encouraged to adjust their operations now to ensure sound risk management. The Chair of the European Banking Authority (EBA), José Manuel Campa, highlighted the importance of stablecoin issuers diversifying their reserves and mapping connections to custodians and trading platforms to mitigate risks within the crypto ecosystem. The collapse of algorithmic stablecoin terraUSD and the murky relationship between crypto conglomerates has drawn regulators' attention to governing cryptocurrencies tied to fiat currency or other assets.

The European Union’s agreement of a new crypto law puts the bloc in the lead on Web3 technology, U.S. House Financial Services Committee Chair Patrick McHenry (R–N.C.) told CoinDesk TV Tuesday.

France's financial regulator, the AMF, is considering a "fast track" option for licensed crypto firms to get regulated under the upcoming Markets in Crypto-Assets (MiCA) laws. The AMF is looking to plug the gap relating to aspects such as fund provision regulations of crypto firms, conflict of interest policies, and the alignment of requested documents required under AMF and MiCA regulations. The MiCA regulatory package was passed by the European Parliament on April 20 and is tentatively slated to come into effect from the start of 2025. The regulation aims to establish a clear and consistent regulatory framework for crypto assets among the European Union member states. (Cointelegraph)

France's Financial Markets Authority (AMF) has announced that existing crypto companies could be given a "fast-track regime" to comply with new European crypto rules. The move comes as France tightens its crypto registration procedures in preparation for the implementation of the European Union's Markets in Crypto Assets law, MiCA, which includes tougher governance, consumer-protection, and financial-stability rules. The AMF will consider a possible fast-track modular licensing between France's existing regime and MiCA, as well as bringing provisions on reserves, conflicts of interest, custody, and documentation in line with Europe. Companies already registered in France will have an additional 18 months to comply with the higher European norms under MiCA.

The implementation of MiCA marks a crucial turning point for the crypto and Web3 industry in the EU. By providing a tailored regulatory framework and simplifying compliance, MiCA creates a more conducive environment for innovation and growth within the sector.

Ukrainian regulators have announced their intention to adopt the Markets in Crypto-Assets (MiCA) regulation, which was recently passed by the European Parliament.

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.

The European Parliament has approved the Markets in Crypto Assets (MiCA) regulation, which is intended to protect consumers and ensure financial stability in the crypto industry. The law requires exchanges and wallet providers to seek a license and stablecoin issuers to hold appropriate reserves. The law could take effect from mid-2024, following a 12-18 month transition period that will begin in June or July. The MiCA regulation has been largely welcomed by the industry, but there are still details to be ironed out, including how individual national regulators in the European Union will police the law. EU agencies will also have to draft and consult on implementing measures that lie underneath the overarching MiCA law.