According to CoinDesk, Ukraine chose the future of the European Union after the 2014 Revolution of Dignity. On June 23, 2022, the leaders of 27 EU member states made a historic decision to grant Ukraine the status of a candidate member of the European Union. This means that Ukraine is steadily moving towards formal membership of the European Union.
In order to align with the EU, the Ukrainian National Securities and Stock Market Committee decided to incorporate the Crypto Asset Market Regulation (MiCA) into the national legal framework. However, since Ukraine has not yet become a formal member of the EU, when incorporating MiCA provisions into national legislation, Ukraine will not be able to provide the same "passport rights" to crypto companies.
MiCA regulations impose multiple excessive disclosure requirements and responsibilities on crypto platforms and token issuers. In addition, new token issuers must comply with the new regulations. Oleksandr Bornykov, Deputy Minister of Digital Transformation of Ukraine, believes that Ukraine should only adopt the most technically feasible provisions of MiCA regulations to avoid over-regulation of the emerging crypto market.