Market Analysis Report (24 Apr 2023)

After the European Parliament passed the world’s first legislative framework intended to govern the burgeoning cryptocurrency sector, the Markets in Crypto Act (MiCA), Ukrainian authorities have declared their intention to adopt the legislative package in their own country.

Yaroslav Zheleznyak, deputy chairman of Ukraine’s Tax Committee, announced on his Telegram channel that Ukrainian regulators, including the National Commission on Securities and the Stock Market (NKCPFR), are working on implementing certain provisions of MiCA to legalize crypto assets in Ukraine.

The comprehensive MiCA legislation imposes a wide array of stipulations on cryptocurrency platforms, token issuers, and traders, emphasizing the importance of transparency, disclosure, authorization, and transaction supervision, according to a statement released by the EU Parliament.

Under MiCA, platforms are mandated to inform consumers about potential risks linked to their services, and the issuance of new tokens will be subject to regulatory oversight, while stablecoins must maintain sufficient reserves to fulfill redemption requests in case of large-scale withdrawals.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/apr/24/