The European Commission will allocate 50 billion euros to regulate cryptocurrencies in Ukraine

The Ukrainian government has announced the approval of a plan under the Ukraine Facility program aimed at supporting and implementing reforms in the country from 2024 to 2027. One of the key initiatives of this plan is the regulation of the virtual asset sector, which will be an important step in ensuring financial stability and investor protection.

The total amount of assistance from the European Commission will amount to 50 billion euros. These funds will be used to implement various reforms, including the introduction of standards for the regulation of cryptocurrencies, in accordance with the requirements and recommendations of the Financial Action Task Force on Money Laundering (FATF).

The plan includes measures aimed at improving the compliance of Ukrainian legislation with international standards in the field of cryptocurrencies, targeted financial sanctions and investigations. In particular, it emphasizes the need to approve a draft law amending the existing legislation on virtual assets and ensuring its compliance with the European MiCA regulation.

The measures on cryptocurrencies are also aimed at minimizing the risks associated with terrorist financing and money laundering. This will not only help ensure the country’s financial security, but also increase its investment attractiveness internationally.

The regulation of cryptocurrencies in Ukraine in the context of the Ukraine Facility program reflects the growing attention to the virtual asset sector at the state level. The successful implementation of these reforms can serve as an example for other countries seeking to integrate cryptocurrencies into the national economy while ensuring a high level of investor protection and financial stability.