• Thu. Apr 18th, 2024

After Liechtenstein and Norway, Ukraine is the third nation outside the EU to join the EBP. 27 member nations created the EBP (European Blockchain Partnership) initiative. It aims to promote public services across borders.

Ukraine Joins The EBP And EBSI 

On June 17th, Ukraine’s Ministry of Digital Transformation announced the partnership. It believes this will allow for integrating its digital financial market with the EU. 

Additionally, Ukraine wants to increase its blockchain network to other nations. Meanwhile, Ukraine’s intention to partner with the EBP started last year.

In 2021, Oleksii Zhmerenetskyi, lesser of Blockchain4Ukraine and the founder of Virtual Assets of Ukraine, Konstantin Yarmolenko, addressed a letter to the EC’s president. The letter informed the president of the EC (European Commission), Ursula von der Leyen, of Ukraine’s interstate in the EBP. 

Further, the letter also stated that Ukraine would love to join the EBSI (European Blockchain Services Infrastructure). According to the EC’s President, Ukraine can join the organization as an observer. 

According to Yarmolenko, Ukraine wants to use the EBSI’s blockchain technology for cross-border public services. First, it would run a test node and pilot test to assess the technology. 

Also, he applauded the usefulness of the crypto donations sent during the Russia-Ukraine crisis. Yarmolenko stated that: 

“The next phase will be complete blockchain integration between Ukraine and the EU. This will be based on the EBP/EBSI projects. He concluded by saying this partnership would strengthen ties between the EU and Ukraine. “

For now, Ukraine would work as an observer with the European blockchain body. However, the country plans on fighting for full membership.

Also, Yarmolenko stated Ukraine would get other blockchain partnerships. This would provide its citizens with various services. One of such is the verification of identity credentials and educational documents.

Also, Zhmerenetsky noted the EU blockchain partnership would benefit Ukraine. Meanwhile, he stated that this partnership would reduce Ukrainian documents’ recognition for higher education. It would also reduce the recognition of driver’s licenses for Ukraine refugees staying in Europe.

EU Commissioner Calls For Regulation Of Crypto Assets

Mairead McGuinness, Commissioner for Financial Stability and Financial Services, Financial Stability at the EC (European Commission), made an announcement recently. McGuinness reiterated the need to regulate crypto assets, including stablecoins. 

Also, the commissioner discussed plans to meet with the French authorities through MiCA (Markets in Crypto Assets). He stated that:

“MiCA presents the best opportunity to address the customer protection issue in the crypto space. Also, it will address the problem of financial stability and market integrity. This has become imperative given the ongoing market crisis.”

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