Binance Will Help Ukraine Establish Legal Status of Crypto

Binance announced on Wednesday (November 6) that it has signed a memorandum of understanding (MoU) to work with the Digital Transformation Ministry of Ukraine for the purpose of establishing the "the potential legal status of virtual assets and currencies in the country."

Binance's blog post also mentioned that it will help with the development of "transparent and effective mechanisms for the transfer of rights to any virtual assets or currencies using blockchain technology as well as beneficial conditions for investments and business in Ukraine."

Mykhailo Fedorov, Ukraine's Vice Prime Minister and the Minister of Digital Transformation, had this to say:

At last, Ukraine is finally in a situation where the executive, legislative authorities and market have come to an understanding of the regulation of the Ukrainian cryptocurrency market. By the end of this year, the Ministry of Digital Transformation, together with Members of Parliament and representatives of commercial companies, plan to finish work on the relevant bills and present them to our parliament. The Ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine.

Minister Fedorov also added:

By signing the Memorandum with Binance, we open Ukraine to one of the largest cryptocurrency exchanges in the world and let Binance legally start their business here. Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently. In addition, we welcome Binance's willingness to provide us with advisory assistance as the experience of one of the leading world players in this field is very useful for us at the stage of forming the legislative framework and the conditions for market regulating.

As for Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, he stated:

We are pleased to partner with the Ministry of Digital Transformation and begin our cooperation in supporting the development of the governments ambitious plans and vast potential in the field of blockchain technologies. The legalization of cryptocurrencies and corresponding adoption of progressive legislation in this sphere can become one of the key drivers in stimulating positive growth in the Ukrainian economy as well as attract additional investments to the country. We are honored to be part of the Ministrys plans and hope that our global expertise will contribute to the most favorable formation and regulatory practices in Ukraine while meeting the needs of both the public and businesses.

Featured Image Credit: Photo via Pixabay.com

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Tags: Ukraine, Binance, legal status, Category:Michael Fedorov, Memorandum of understanding, Digital transformation, Prime Minister of Ukraine, Member of parliament