Binance partners with Ukraine’s Digital Transformation Ministry to implement cryptocurrencies

Binance and the Ministry of Digital Transformation of Ukraine, on 6th November, announced a signed memorandum of understanding (MoU) to jointly cooperate on forming a position in establishing the potential legal status of virtual assets and currencies in the country.

According to the official post shared by Binance,

“Binance will 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.”

The report also states that the cooperation agreement involves setting up a working group to develop a strategy for the implementation of blockchain technology and the creation of the new virtual assets and virtual currencies market in Ukraine. In this regard, Mykhailo Fedorov, the Vice Prime Minister – Minister of Digital Transformation of Ukraine said,

“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 Ukraine’s parliament. Fedorov also highlighted that the Ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine. Binance CEO Changpeng Zhao also mentioned,

“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.”