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NBU: Cryptocurrency in Ukraine is regulated according to EU standards

Photo: NBU

The crypto industry, which has an increasing influence on financial markets, needs unified regulation, especially the implementation of the EU Markets in Crypto-Assets (MiCA) Regulation.

The First Deputy Head of the NBU, Ekaterina Rozhkova, said that Ukraine, as a candidate for EU membership, planned to approve European standards for regulating cryptoactive markets in order to protect consumers . He said this at a meeting of the Regional Advisory Group of the Financial Stability Board for Europe (FSB Regional Consultative Group for Europe), which includes Ukraine, the NBU press service reports.

According to Rozhkova, the crypto industry, which has an increasing influence on financial markets, needs unified regulation, in particular, the implementation of the Markets in Crypto Assets (MiCA) Regulation of the European Union.

“Since our country has received the status of a candidate for EU membership, Ukrainian legislation should also be adapted to MiCA standards.

As you know, in April 2023, the European Parliament made a historic decision for the crypto-asset market, which approved new general rules for the administration and protection of consumer rights for crypto-currencies – Markets in Crypto assets (MiCA).

MiCA is a document that provides for the regulation of virtual assets in the EU, protecting users and investors in this area. The Regulation replaces all previously adopted laws and regulations in EU member states on cryptoassets and providers of related services. Certain requirements have been established for cryptocurrency platforms and asset providers regarding transparency, disclosure of information, authorization and supervision of transactions. The regulation covers the issuance, trading and storage of many types of digital assets, including cryptocurrencies, securities and utility tokens. Following the implementation of MiCA, any company offering crypto-asset related services in the European Union will be required to register in one of the member states in order to operate throughout the EU.

We remind you that the price of the most popular cryptocurrency Bitcoin decreased by 7.9%, to $61,842 per coin.

As reported, in January the United States took an important step in legalizing Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading. After that, the price of the cryptocurrency began to rise rapidly.

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Source: korrespondent

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