Ukraine central bank plans crypto regulation, considering MiCA.
The central bank of Ukraine has explained its plans for regulating cryptocurrency. The country aims to align its regulations with those of the European Union (EU).
The National Bank of Ukraine (NBU), the National Commission on Securities and the Stock Market, the Ministry of Digital Finance, and a group of MPs began working on a regulation plan earlier this year. The plan aims to regulate the “cryptoassets market” based on European standards.
Kyiv has expressed its desire to adopt regulations similar to the EU’s Markets in Crypto-Assets (MiCA) legislation. The NBU stated the importance of balancing the protection of consumers’ interests and financial stability.
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The central bank said that while regulations should be close to European norms, they should also consider the peculiarities of Ukraine’s legal and financial system. The bank emphasized transparency and the protection of all crypto market participants’ rights.
The NBU intends to collaborate with other regulators on its proposals. Arsen Makarchuk, the NBU’s Director of Strategy and Development, stated that the main task is to create clear and transparent rules for the virtual assets market that would benefit both service providers and their users. He also mentioned that two regulators, the NBU and the National Commission for Securities and the Stock Market, would be responsible for regulating cryptocurrencies.
Kyiv’s approach to cryptocurrency regulation has changed as lawmakers previously preferred a light-touch approach to regulation.