• Binance signed an MoU with the Digital Transformation Ministry of Ukraine.
  • Binance will assist in developing "transparent and effective mechanisms” for digital asset transfer 

Binance recently announced that the company has signed a memorandum of understanding (MoU) with the Digital Transformation Ministry of Ukraine. They will jointly work together to establish "the potential legal status of virtual assets and currencies in the country." In the company’s official blogpost, Binance stated that it will assist 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, spoke on the matter saying:

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.

Fedorov further 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.

CEO of Binance Changpeng "CZ" Zhao said:

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… 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why crypto may see a recovery right before or shortly after Bitcoin halving

Why crypto may see a recovery right before or shortly after Bitcoin halving

Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.

More Cryptocurrencies News

Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.

More Manta Network News

Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray

Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray

Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving. 

More Bitcoin News

OMNI post nearly 50% loss after airdrop and exchange listing

OMNI post nearly 50% loss after airdrop and exchange listing

Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.

More Omni Network News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP