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It is indicated that over the past decade, virtual assets have become a significant element of the global digital economy, significantly influencing financial markets, investment processes, and the transformation of traditional legal institutions. The article provides a comprehensive analysis of the current state of legal regulation of the circulation of virtual assets in Ukraine in comparison with the European regulatory approach established by the Markets in Crypto-Assets Regulation (MiCA). The research focuses on identifying the specific features of the national model of crypto- asset regulation, assessing its compliance with European regulatory standards, and determining the key directions for further harmonization of Ukrainian legislation with the legal framework of the European Union. Particular attention is paid to the influence of international financial monitoring standards, in particular the recommendations of the Financial Action Task Force (FATF), on the formation of the national regulatory framework governing virtual assets. The study analyzes the limitations of the FATF approach, which is primarily focused on anti-money laundering and counter-terrorist financing issues, and substantiates the need for a comprehensive regulatory model that also encompasses investor protection, licensing requirements, corporate governance standards, and effective supervision of virtual asset service providers. The paper examines the key provisions of Draft Law No. 10225 as an attempt to adapt Ukrainian legislation to the requirements of MiCA, as well as the alternative Draft Law No. 10225-1, which proposes a more liberal and innovation-oriented model of legal regulation of the crypto industry. A comparative analysis of these approaches is conducted, and their advantages and potential risks are identified in terms of legal certainty, institutional capacity of public authorities, and the investment attractiveness of the crypto-asset market. As a result of the study, the main challenges related to the harmonization of Ukrainian legislation with European regulatory standards are outlined, and directions for the further implementation of MiCA provisions into the national legal system are proposed. These recommendations take into account the specific features of Ukraine’s legal and economic context, as well as the strategic objective of Ukraine’s European integration.