Binance to assist Ukraine to potentially legalize cryptocurrencies

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…