The integration of Ukrainian legislation with MiCA (Regulation on Markets in Crypto-Assets) may look like a progressive step, but is it really so? Let's analyze specific aspects and take a critical look at reality.
1. Registration of crypto companies: Ukrainian companies will be obliged to register and work according to MiCA standards. But is our system ready to efficiently process new registrations given the chronic red tape? And most importantly, will crypto-entrepreneurs, who are used to flexibility, want to adapt to complicated conditions? It risks turning into a new "passage yard" for bribes.
2. Stablecoins: The requirement to provide reserves for the issuance of stablecoins seems reasonable, but it creates an additional financial burden. It is unlikely that Ukrainian startups will be able to compete with already established giants on the global market. Except that at the expense of additional taxes and fees "to support the domestic".
3. Transparency: The concept of "transparency" will become key. All market participants will be required to provide detailed data on transactions, owners and structures. This, on the one hand, improves the fight against money laundering, but on the other hand, it can scare away users who value privacy. The irony is that cryptocurrencies promised freedom, and MiCA could turn them into a tool of total control.
4. Sanctions: Failure to comply with MiCA regulations can result in serious fines. In Ukraine, this can become a field for the "activity" of law enforcement officers, who are already actively checking the IT sector and startups.
Criticism
European framework — Ukrainian realities. MiCA is designed for an EU with strong institutions and clear procedures. Ukraine, with its weak courts and ongoing corruption scandals, could turn these innovations into chaos.
Business outflow. If the integration is too tight, many companies will simply change jurisdictions. And instead of "cryptohub" we will get another wave of talent emigration.
The illusion of progress. The authorities can use the integration with MiCA as another PR move for Europe, without creating real conditions for the development of the crypto industry.
Visnovok
Integration with MiCA has potential, but without adaptation to the realities of Ukraine, it may become another example of "reform for reform's sake." The main question: will our state be able to use these innovations to develop the market, and not to suppress it?
