Volodymyr Nosov (WhiteBIT): Ukraine Can Adapt MiCA in Its Own Way

How Can Ukraine Attract International Capital?

In the midst of Ukraine's ongoing conflict and economic challenges, the focus is firmly on recovery. Volodymyr Nosov provides insights into how recovery can be achieved through the lens of cryptocurrency.

As Nosov stresses, the foremost necessity for the country is to enact a cryptocurrency law that can attract international capital, particularly from the crypto industry. 

“We are observing large-scale investors and crypto corporations exiting the United States. This situation offers Ukraine a substantial chance to make a breakthrough, considering the rarity of financial innovation. We must show that we can attract capital, rather than watch as other nations take the initiative.”

MiCA Laws

The founder of WhiteBIT also deliberated on the upcoming MiCA laws, which are set to take effect in the EU and could potentially provide a foundation for cryptocurrency regulation in Ukraine.

Volodymyr notes that the lack of regulatory frameworks makes it challenging for crypto enthusiasts to operate with ease, marking its importance. However, MiCA isn't dogmatic; it's a relatively standard rule-set that each nation can adapt in its own manner. Ukraine can do the same. 

Our regulatory bodies must frame legislation in a way that encourages investors to channel their capital into Ukraine.

Volodymyr Nosov at the Incrypted Conference 2023 Source: Incrypted YouTube Channel

Ukrainian Startups and Judicial System

The conversation touched upon the subject of Ukrainian startups. 

“Our young people — they are our oil, our gold,” Nosov said.

He emphasized that talented young Ukrainians are often compelled to work in outsourcing instead of pursuing their own projects due to the daunting task of securing funds in Ukraine. For example, a startup run by a group of 25-year-olds may require $150,000, but obtaining such funding locally proves challenging. As a result, they are left with two options: either work in outsourcing, relinquishing ownership of their creations, or relocate to countries with well-established venture capital institutions where capital raising is more feasible.

Nosov remarked, “This circles back to our initial point. When a potential investor considers the public sector, they not only want everything to be regulated, but they also seek a transparent judiciary system. Companies need to feel confident that their rights will be safeguarded. Regulation will be ineffective without this assurance.”

WhiteBIT's Role in Reviving Ukraine's Economy

Volodymyr Nosov explained that WhiteBIT solely employs Ukrainian specialists for the development of globally-focused products.

The company also channels significant effort into education. WhiteBIT is revamping the IT faculty of the Kyiv-Mohyla Academy and is on the brink of launching a certified master's program in blockchain technology. They have rolled out educational courses in collaboration with the Ministry of Digital Transformation and are offering beginner-level trading courses in partnership with other entities.

WhiteBIT's research indicates that a mere 5-8% of respondents have dabbled in cryptocurrencies and made an effort to comprehend them. Conversely, an overwhelming 60% harbor a deep-seated mistrust towards the blockchain industry. 

“They fail to grasp that this represents an entirely new financial universe. Therefore, if we are to achieve the desired level of mass adoption, it's crucial to recognize the importance of education. More educational courses are necessary. With enhanced understanding, new ideas and technologies will follow,” Nosov said.

How to Boost Web3 in Ukraine?

In response to this question, Volodymyr Nosov offered a concise summary of the entire conversation. The following elements are necessary: 

– Precise and comprehensible legislation;

– A transparent judicial system;

– Education and widespread crypto literacy among Ukrainians;

– Ukraine’s quickest victory in the war against the enemy. 

WhiteBIT, hailing from Ukraine, is one of the largest centralized crypto exchanges in Europe. The primary mission of the company is to implement high-quality blockchain technologies on a mass scale in Ukraine and around the world. Conference attendees had the chance to purchase tickets for the event's second day using cryptocurrency, made possible by the Whitepay crypto processing service, part of the WhiteBIT ecosystem. Additionally, thanks to WhiteEX cards showcased at the company's booth, individuals could swiftly and conveniently top up their crypto wallets.