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Ukraine government signs MOU with Binance for cryptocurrency regulation

Ukraine and crypto exchange Binance are trying to create a crypto regulation that will help foster the growth of the country’s economy by appealing to global investors.

Image via Unsplash

Thu, 07 Nov 2019, 10:36 am UTC

Ukraine is trying to establish rules for cryptocurrencies and has teamed up leading cryptocurrency exchange Binance to achieve this goal.

In a press release, Binance announced that it has signed a Memorandum of Understanding (MOU) with Ukraine’s Ministry of Digital Transformation. The aim of the collaboration is to help the country create a regulatory framework that would oversee the evolution of digital assets.

According to the terms of the MOU, Binance and the ministry will “jointly cooperate on forming a position in establishing the potential legal status of virtual assets and currencies in the country.”

The exchange will aid 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."

Also included in the MOU is the creation of a working group by the collaborating entities that will focus on developing a strategy for blockchain implementation and the creation of the new virtual assets and virtual currencies market in Ukraine.

Legislation could be finished by the end of the year

“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,” said Binance CEO and Founder, CZ (Changpeng Zhao).

Three drafts for the Ukrainian crypto law have already been penned by a consortium of parliament members and blockchain entrepreneurs, which will act as a baseline on how to shape the legislation, CoinDesk reported. Minister of Digital Transformation Mykhailo Fedorov said that the legislation may be ready for parliament by the end of 2019.

“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,” Minister Fedorov added.

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