Ukraine Cooperate with Binance for their Cryptocurrency

ukraine-binance-crypto

Binance, the largest exchange, announced that it will cooperate with the government of Ukraine on the introduction of cryptocurrency and digital assets. In order to jointly establish the status of virtual currency and digital assets in the country, we signed a Memorandum of Understanding (MoU) with Ukraine’s “Ministry of Digital Transformation”.

Binance and the Ministry of Digital Trasnformation are planning to set up a working group to regulate cryptocurrency and build a digital asset market.

Regarding the transfer of ownership of assets using blockchain, Binance says it will develop a transparent and effective mechanism.

Binance CEO Changpeng Zhao (CZ) confirmed the news on Twitter, claiming that the action is a “real change from a few years ago.” In the press release, CZ stated that the legalization of cryptocurrencies and the adoption of progressive legislation can play a key role in bringing positive growth in the economy as well as attract additional investments.

Deputy Prime Minister Mykhailo Fedorov emphasized that Ukraine has finally entered a 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.” 

Yesterday, a report came out that it’s a possibility of directly buying and selling virtual currency, supporting the UAH and Kazakhstan legal currency KZT.

Nigeria’s NGN was added on October 24, and Russian ruble (RUB) was added on October 31, respectively. Two currencies at that time were also added to the API on September 24 and October 29, respectively. It was suggested that UAH and KZT that were already added to the API could be supported.

As CZ said last month, Binance has begun to respond to legal currencies one after another.

Source : Binance

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