Issue: № 3, 2026
Doi: https://doi.org/10.37634/efp.2026.3.9
The rapid evolution of global finance and distributed ledger technologies (DLT) necessitates revising existing regulatory paradigms. Virtual assets require a comprehensive legal framework to mitigate systemic risks and ensure market integrity. This paper examines the Regulation on Markets in Crypto-Assets (MiCA) as a benchmark for establishing a secure digital finance ecosystem in the EU and its critical implications for Ukraine. Given Ukraine's EU candidate status, harmonizing domestic legislation with the EU acquis is a fundamental prerequisite for accessing the Single Market. The paper focuses on approximating the Ukrainian Law "On Virtual Assets" to MiCA's rigorous standards. It highlights the Ukrainian crypto market's current state, characterized by high adoption but operating largely in a "gray zone" due to a lack of fully implemented regulatory mechanisms. Significant attention is paid to MiCA's structural components, particularly the taxonomy of crypto-assets (ARTs and EMTs). The paper discusses introducing strict prudential supervision for Crypto-Asset Service Providers (CASPs), analyzing requirements for capital adequacy, governance, and consumer protection. It explores the challenges of transitioning to a regulated environment, specifically the financial compliance burdens facing Ukrainian fintech companies. Furthermore, the paper investigates integrating the Ukrainian virtual asset market into the European space, discussing cryptocurrency's transformation into a legitimate institutional investment tool. The research outlines AML and CFT protocols, examining how the "Travel Rule" and MiCA measures will reshape the operational landscape for Ukrainian exchanges. The paper defines the legislative gaps and institutional challenges that must be addressed to ensure a seamless integration of Ukraine’s digital economy into the unified European market.
Keywords : MiCA Regulation, virtual assets, crypto-asset market, European integration, EU financial space
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