Crypto Regulation In Ukraine Unaffected By War – Kyiv Lawmaker
At the beginning of 2020, Ukraine was on the verge of introducing a regulatory framework to provide the necessary security and legal basis for using cryptocurrencies. However, the country has been going through great economic and political uncertainty due to the ongoing war since last year.
Despite the difficult situation, a Kyiv lawmaker said the war had not impacted Ukraine’s regulatory approach to cryptocurrencies.
Developing Crypto Laws Despite Conflict with Russia
Even after Russia’s incursion in 2022, Ukraine continues to develop its cryptocurrency laws. Yurii Boiko, the Ukraine National Commission on Securities and Stock Market (NCSSM), expressed that the war has not impacted their legal outlook.
Boiko stated that Ukrainian legislators are actively working to incorporate European digital asset regulations, specifically the Markets in Crypto Assets (MiCA) regulation, into their policy.
Boiko declared that the management of the digital asset market had stayed the same despite the conflict. He continued by asserting that they are confidently sticking to their plan, which includes adopting the MiCA regulations.
Boiko indicated that the introduction of crypto regulation in Ukraine had been impeded mainly by the requirement to compile the essential amendments to the country’s fiscal and civil policies. Moreover, he mentioned that Ukraine’s progression toward European integration was another factor that had impacted the process.
He proclaimed that the NCSSM had collaborated with international colleagues to apply regulations such as MiCA.
Ukraine’s Crypto Regulation Charge
In October 2017, Oleksii Zhmerenetskyi, the head of the parliamentary group Blockchain4Ukraine, declared that the country’s legislature had started developing a crypto regulatory framework. He noted that the Verkhovna Rada of the 8th convocation could not carry out a law concerning cryptos.
However, after President Volodymyr Zelensky’s election, the 9th convocation of the Verkhovna Rada has resumed consideration on this matter. In September 2019, the legislators established the Blockchain4Ukraine consortium, with more than 50 representatives of the legislature taking part.
Nevertheless, the government is taking a cautious approach to regulating the asset class, considering the potential risks associated with it and the potential benefits that cryptocurrencies can bring to the Ukrainian economy.
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