Ukraine Signed a Memorandum with Binance

Official information on the agreements appeared on the Ministry’s website on November 6. Within their framework, it is planned to create a joint working group that will develop a strategy for Ukraine in the global cryptocurrency space.

The cooperation aims to create:

• the legal status of digital assets in Ukraine;

• mechanisms for transferring rights to tokens, dapps, blockchain projects;

• conditions for the development of investment cryptocurrency business.

Deputy Prime Minister Mihail Fedorov praised the initiative to promote activities in the field of the cryptocurrency business. He says Ukraine has been actively developing the crypto industry since the beginning of 2000, but the authorities did not have an understanding of the national regulatory strategy.

The situation has changed in 2019. After a debate with market representatives, two branches of the Ukrainian government came to a consensus. A number of relevant bills will be submitted to the Ukrainian parliament by the end of the year. Their adoption will allow Binance to run legal crypto business in the country.

The future of cryptocurrencies in Ukraine

Ukrainian authorities hope Binance is just the first of many companies that want to work in the country openly and transparently. Based on the consultations of the crypto-exchange, Ukraine plans to build a legislative base for the successful regulation of the crypto market.

Changpeng Zhao confirmed his readiness to contribute to the development of a favorable regulatory policy in Ukraine by all available means. The cooperation should form a well-functioning system given the needs of the public and business.

The legalization of cryptocurrencies and the creation of progressive legislation in Ukraine can be a key factor in economic growth. Along with this, it will make new financial market players and investments come to Ukraine - and this is exactly a goal to reach.

We also wrote what Binance Opens Ruble Fiat Gateway Through Advcash. It seems that Zhao aimed at the development of new markets. Read the news on our website and stay informed.