Ukraine to develop clear crypto regulation framework like MiCA

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The Ukrainian central bank is planning to bring a new regulation framework to regulate the crypto sector & provide conditions for the crypto sector to evolve.

Ukraine is a more crypto-friendly jurisdiction, since March 2022. Before 2022, crypto trading was allowed in this country but its government agencies were not focused on bringing better rules & regulations to provide clarity. The whole situation has changed, following its conflict with Russia.

On 8 June 2022, Informator reported that the National Bank of Ukraine (NBU) wants to develop a new regulatory framework to regulate the crypto sector under precise rules, more similar to the European Union (EU)’s Markets in Crypto Assets (MiCA)

The report noted that Ukraine needed to work to maintain the stability between the crypto investor’s protection as well as innovation of the sector under proper rules & regulations so that no entity/actor can misuse cryptocurrencies for illegal/suspicious activities.

Arsen Makarchuk, the central bank’s Director of Strategy and Development, said that the Central Bank is looking to bring a form of regulation system that can also provide a better environment for the crypto companies to evolve, & it will be better for crypto companies as well for their customers.

“The main task is to build transparent and clear rules (for) the virtual assets market. (These rules must be) mutually beneficial for everyone: both for service providers and for their users,” Arsen said.

In the present time, 10%+ Ukrainian population is holding/trading crypto assets and some reports noted that this figure may surge in the coming years. 

Earlier this, some reports confirmed that US intelligence trained the Ukraine intelligence team to trace suspicious & illegal crypto activities.

Read also: Bittrex facing govt rejection over the customer repayment plan 

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