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Ukraine Brings Binance to Help Establish Crypto Regulations
November 06  |  2 min read

Ukraine to Work with Binance on Cryptocurrency Regulations

The COIN360 Editorial Team

Ukraine’s Ministry of Digital Transformation and cryptocurrency exchange Binance have signed a memorandum of understanding to work together on cryptocurrency regulations and facilitating digital economy in the country, shared Binance in a press release.

According to the press release, Binance will help the government establish the legal status of cryptocurrencies and to “develop transparent and effective mechanisms for the transfer of rights to any virtual assets or currencies using blockchain technology”.

Additionally, the agreement reportedly is aimed to increase the attractiveness of the country for business and investments. Binance’s CEO Changpeng Zhao shared that cryptocurrency legislation might indeed become one of the “ key drivers” in facilitating the growth of the Ukrainian economy.

Minister of Digital Transformation Mykhailo Fedorov shared that the government intends to create a crypto-friendly economy and has already established an understanding on cryptocurrency regulation, which, in his opinion, will be ready “by the end of this year”.

As COIN360 reported earlier, cryptocurrency exchange Binance indicated the possibility of adding support for Ukraine’s fiat currency to their fiat-to-crypto trading in the near future. Now Minister Fedorov shared that the government wants to “let Binance legally start their business.”