Binance to Advice Ukraine on Cryptocurrency Legal Status
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Binance to Advice Ukraine on Cryptocurrency Legal Status

November 7, 2019      Mary Brendah

Major cryptocurrency exchange platform, Binance today announced that it has signed a memorandum of understanding (MoU) to work together 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.”

Per the announcement, the ministry, members of parliament and commercial firms are planning to conclude the relevant bills. The bills will then be presented to the Ukrainian parliament, the Verkhovna Rada, by the end of 2019.

Moreover, under the MoU the ministry and Binance will form a working group; to discuss future cryptocurrency regulations; as well as the creation of a digital assets market.

“Binance will also help develop 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,” a press release explained.

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A Positive Gesture for Ukraine

Particularly, Binance will meet Ukraine government officials when the team visits Kiev. In the announcement, Binance CEO 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.”

Additionally, Deputy Prime Minister Mykhailo Fedorov claimed that the country had finally reached situation where the executive, legislative authorities and the market “have come to an understanding of the regulation of the Ukrainian cryptocurrency market.” He stated:

“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.” 

Three Bills Incoming

Previously, MP Oleksii Zhmerenetskyi announced that current cryptocurrency legislation is almost complete. Back in October, the MP provided the public access to three bills to regulate crypto within the country. Additionally, he invited Blockchain and crypto industry experts to review and submit their proposals.

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Mary Brendah
Mary Brendah

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.