The Maltese division of the cryptocurrency exchange Binance will help the Ukrainian government develop new rules for regulating cryptocurrencies in the country.
Binance announced the signing of a memorandum of understanding with the Ministry of Digital Transformation of Ukraine. According to the Ukrainian authorities, such cooperation will establish a clearer legal status of cryptocurrencies in the country.
As part of the partnership agreement, Binance and the Ministry of Digital Transformation of Ukraine will create a working group to discuss further regulation of the cryptocurrency industry and the formation of the digital asset market in the country.
In addition, Binance will help develop transparent and effective mechanisms for transferring rights to any virtual assets using the blockchain, as well as create favorable conditions for investments and conducting business in the country.
“The legalization of cryptocurrencies and progressive legislation in this area will be key factors for the development of the Ukrainian economy, as well as create the preconditions for additional investments,” said Changpeng Zhao, CEO of Binance.
The Minister of Digital Transformation of Ukraine Mikhail Fedorov believes that cooperation with one of the largest cryptocurrency exchanges will openly work with other companies in the industry, creating a comfortable and competitive environment for them.
Recall that the Ministry of Digital Transformation of Ukraine proposed to legalize cryptocurrencies in September. In addition, in June, the Central Bank of Ukraine issued a limited amount of electronic hryvnia.