Ukraine has legalized cryptocurrencies, the European Union is closer to such a decision

There will be no restrictions on the cryptocurrency market from the European Parliament. The more severe version of the act was rejected and is now being processed Crypto Asset Markets Act (MiCA) obliges the European Commission to "Inclusion in the taxonomy of sustainable financing of the EU of all activities related to the mining of cryptocurrencies" until January 1, 2025. Ukraine has fully legalized the cryptocurrency, which has already accumulated over USD 100 million in aid to repel Russian aggression.

Representatives of the Economic and Monetary Affairs Committee of the European Parliament worked on the Cryptographic Asset Markets Act (MiCA). One version of the project even contained a provision prohibiting the use of consensus-based cryptocurrencies Proof of Work throughout the European Union. Let us remind you that this is a protocol on which, inter alia, Bitcoin (BTC) and many other top cryptocurrencies. Fortunately, this idea was already rejected during the committee vote. 

The European Union and cryptocurrencies - just do not disturb

However, the European Parliament is still working on an official strategy Digital Finance. For now, it contains 126 regulations that are to make all European Union countries have the same cryptocurrency law. Virtually everything from exploitation is covered stablecoins, through the operation of exchanges and mines, and even individual miners, to the possibilities of financial institutions. There are also guidelines for dealing with digital currencies issued by central banks (CBDC), non-transferable NFT tokens or assets issued in decentralized finance, or DeFi.

However, work is still underway on the final version of the act, the aim of which is to be "Inclusion in the taxonomy of sustainable EU financing of all activities related to the mining of cryptocurrencies". This is to happen by January 1, 2025 at the latest. The word "sustainable" may be of key importance here, because currently cryptocurrencies have the status of energy-intensive, and this deprives them of the possibility of financing and financial support, e.g. for cryptocurrency mines in the EU. And without subsidies, however, they are doing great, so as long as the Eurocrats do not come up with anything else and do not interfere, cryptocurrencies will be able to continue to develop. The final version of the draft will be considered by the European Parliament, the European Commission and the Council of the European Union.

Cryptocurrencies legal in Ukraine

Meanwhile, it was engulfed by the conflagration of war Ukraine has just fully regulated and legalized the use of cryptocurrencies. And it is hardly surprising, because in the last three weeks - since the attack by Russian troops on Ukraine - the country has received the equivalent of USD 100 million in cryptocurrencies for arms and humanitarian aid. The new regulations have already been signed by the President of Ukraine, Vladimir Zelensky. They regulate not only the mining and use of cryptocurrencies in Ukraine, but also the exchanges operating there. The act also requires setting up accounts and making transfers to stock exchanges from every bank operating in the country. Amendments to the tax law are also under development. 

- Zelenskiy did what the president of each country will do in time - highlights the famous personality and cryptocurrency investor Anthony Pompliano.

Ukraine is arming itself for cryptocurrencies

Cryptocurrencies have turned out to be a salvation for the Ukrainian army in recent weeks. After Putin's troops attacked Ukraine, the crypto community rushed to help the country. In total, Ukraine received around USD 100 million in cryptocurrencies. Primarily for humanitarian aid, but also for armaments. It was even revealed what the first part of the aid intended for the army was spent on. Alexander Bornjakov from the Ministry of Digital Transformation of Ukraine informed that the following items were bought:

• 5,5 thousand bulletproof vests,
• 410 thou. packed meals,
• 3125 night vision devices,
• 500 helmets,
• 60 walkie-talkies.

- Cryptoactives have been very helpful. We are extremely grateful to everyone who contributed to the Crypto Fund of Ukraine. Each item purchased through cryptocurrencies now helps our brave soldiers in battle - says Alexander Bornjakov.

The Ukrainian authorities also have a new idea. They will emit the NFT collectionwhich will be a kind of museum of the Russian-Ukrainian war. 

- We want to tell the world about it in NFT format. Each token will tell of some scrap of this tragic story, and the entire collection will be arranged into a great digital museum of this war. They have been beating us with DDoS attacks for many years, robbing our databases. Now we want to bring digital cannons against them, or rather use effective digital diplomacy that will tell the whole world about this terrible attack - explains Alexander Bornjakov.