, Ukraine chose its future within the European Union. From that very moment, Ukraine hasn't stopped fighting for its choice. Russia’s full-scale war against Ukraine is the main reason for the invasion is Ukraine's pro-European movement and its desire to distance itself from the eastern neighbor.
The integration process involves adapting national legislation to the pan-European standards. In aligning with the EU, the National Commission on Securities and Stock Market decided to adopt theinto the national legal framework. The implementation of MiCA marks a significant step towards creating a harmonized framework for the regulation of crypto assets and related services within all 27 EU member states.
Despite Ukraine being the birthplace of numerous crypto startups, such as Bitfury, Hacken, Everstake, Matter Labs, GlobalLedger, and Crystal Blockchain, none of them are registered in Ukraine. The reason is simple: crypto companies cannot legally obtain authorization in the country, even if they desired to do so, because there is still no workable legal framework.Stringent regulatory rules will limit competition in the Ukrainian crypto market.
Furthermore, the provisions of MiCA Regulation will not apply to NFTs. Therefore, by adopting these rules, the process of tokenizing of unique real-world assets, will become a lot more challenging in Ukraine.Whether MiCA will be able to encourage further growth of the European crypto industry will only be understood over time, once we observe how these new standards are implemented.
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