Ukraine Approves Partial MiCA Framework Implementation and Plans Legal Cryptocurrency Market Launch
According to Ukraine's Deputy Minister of Digital Transformation Oleksandr Boryakov, Ukraine only needs to adopt MiCA regulations to fully launch its Bitcoin industry. As an EU candidate country, Ukraine is obligated to align its cryptocurrency legislation with European market regulations. However, some legal provisions may be delayed in the first phase to allow businesses faster adaptation, prioritizing gradual introduction of new regulatory mechanisms.
According to Ukraine's Deputy Minister of Digital Transformation Oleksandr Boryakov, Ukraine only needs to adopt MiCA regulations to fully launch its Bitcoin industry. As the country has already obtained EU candidate status, it is obligated to align its cryptocurrency legislation with European market regulations. However, to allow businesses faster adaptation in the first phase, some legal provisions may be delayed, prioritizing gradual introduction of new regulatory mechanisms.
Boryakov also confirmed that the department plans to launch a legal cryptocurrency market in Ukraine as soon as possible. Authorities intend to finalize Ukraine's adopted "Virtual Assets" law while taking into account new European regulations.
Previously reported, on May 16, the EU Council comprising 27 countries unanimously approved the MiCA legislation. EU member states also approved new anti-money laundering measures.