Ukraine to Update its Law on Cryptocurrencies to Comply with EU Requirements
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Sept. 20, 2022

Ukraine intends to update its law "On virtual assets," which affects, among other things, the crypto market, taking into account the provisions of the European draft law on the regulation of cryptocurrencies (MiCA).

According to representatives of the Ministry of Digital Development of Ukraine, after the country received the status of a candidate for EU membership, the local legislation must be adapted to European standards.

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In addition to the Ministry of Digital Development, the National Stock and Securities Exchange, the National Bank and market participants are working on relevant reforms to the law.

The document could undergo significant changes to adapt to European legislation.

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According to the ministry:

"The revision may even refer to the accepted classification of virtual asset. The terms of the initial offering of virtual asset and much more will also be revised."

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