The key piece of legislation governing Ukraine’s cryptocurrency industry, the “Law on Virtual Assets,” will be modified in compliance with the rules set forth in the Markets in Crypto Assets (MiCA) legislative package of the European Union.
According to the country’s Ministry of Digital Transformation, Ukraine must modify its national legislation to meet European criteria now that the East European country has been given the status of a candidate for EU membership.
In June, Ukraine was given the designation of candidate for EU membership. Early in July, the Parliament, Council, and Commission—the three major players in the complex legislative process of the European Union — agreed to adopt MiCA throughout the 27-nation bloc.
The research suggests that there may now be significant changes made to the virtual assets (VA) regulations. The National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC), and industry representatives are also working on the modifications.
A year ago, the Ukrainian parliament initially passed the law, but President Volodymyr Zelenskyy returned it with several modifications. The amended legislation was approved by the Verkhovna Rada in February of this year, and in March, Zelenskyy signed it to make it law.
Following Ukraine’s progressive rise to prominence in terms of regional and global cryptocurrency usage, the government has begun to take steps to regulate the cryptocurrency industry. The nation is ranked third in the most recent iteration of the global crypto adoption index by blockchain analytics company Chainalysis.