Binance and the Ministry of Digital Transformation of Ukraine today 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.
Binance will also 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.
As part of the cooperation agreement, the Ministry of Digital Transformation of Ukraine and Binance will set 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.
“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 our parliament. The Ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine,” said Mykhailo Fedorov, the Vice Prime Minister -- Minister of Digital Transformation of Ukraine.
Minister Fedorov continued, “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. 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.”
“We are pleased to partner with the Ministry of Digital Transformation and begin our cooperation in supporting the development of the government’s ambitious plans and vast potential in the field of blockchain technologies,” said Binance CEO and Founder, CZ (Changpeng Zhao). “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. We are honored to be part of the Ministry’s plans and hope that our global expertise will contribute to the most favorable formation and regulatory practices in Ukraine while meeting the needs of both the public and businesses.”
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. The Binance ecosystem is comprised of Binance Exchange (the leading global cryptocurrency exchange), Labs (venture capital arm and incubator), Launchpad (token sale platform), Academy (educational portal), Research (market analysis), Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability) and Trust Wallet (Binance’s official multi-coin wallet and dApps browser), as well as Binance Chain, a blockchain software system developed by Binance and the community. For more information, visit: https://www.binance.com
About the Ministry of Digital Transformation of Ukraine
The Ministry of Digital Transformation of Ukraine is the central executive body responsible for transforming Ukraine into a modern digital state. The Ministry realizes the public policy in the following fields: digitalization, e-governance and e-democracy, electronic and administrative services providing, electronic trust services and e-identification providing, digital skills and digital rights development, open data, national electronic information resources and interoperability development, Internet and telecommunications broadband infrastructure development, e-commerce and business, IT-industry development. The Ministry also serves as the general contracting authority of the National Informatization Program and the Central Certifying Authority. For more information, visit: https://thedigital.gov.ua