Michael Chobanyan is transferring KUNA to the European market – what is behind the founders decision?

Michael Chobanyan – Founder of KUNA – Transitions His Operations from Ukraine to Europe

Michael Chobanyan, the founder of KUNA – a Ukrainian cryptocurrency platform, has decided to shift his focus to Europe due to the stagnation and “freezing” of the cryptocurrency market in Ukraine. He claims that the National Bank of Ukraine has contributed to “killing” the local cryptocurrency market through restrictive policies, prompting him to seek new opportunities on the old continent.

Stagnation in the Ukrainian Cryptocurrency Market

According to Chobanyan, the current state of the cryptocurrency market in Ukraine can be described as dead rather than active. He accuses the National Bank of Ukraine of effectively “killing” the local cryptocurrency industry by imposing restrictive limitations that hinder the sector’s development.

Restrictions by the National Bank of Ukraine

One of Chobanyan’s main allegations is that the central bank introduced restrictions on cryptocurrency transactions in hryvnias, the national currency of Ukraine, causing market stagnation. Since March 2023, Ukrainian banks have stopped processing requests for converting cryptocurrencies to hryvnias and vice versa, citing technical difficulties.

KUNA’s Expansion into the European Market

In response to the lack of prospects in Ukraine, Chobanyan has decided to focus on Europe. He is eyeing the promising opportunity stemming from the MiCA regulations regarding cryptocurrency markets. His European venture, KUNA Pay, aims to leverage these new regulations by offering cryptocurrency payment processing services and tax solutions.

Action Plan in Europe

The KUNA Pay team plans to introduce a digital euro between 2026 and 2028, while also expanding its network of trading partners across the European Union and extending its presence to other regions. Despite the challenges in the Ukrainian market, Chobanyan remains optimistic about the growth potential in Europe and is preparing his platform for new market challenges in this new environment.

Despite the challenges in the Ukrainian cryptocurrency market, Michael Chobanyan believes in the growth potential in Europe and intends to expand the operations of his platform into new markets, leveraging the new opportunities arising from cryptocurrency regulations in the EU.