Binance Ukraine
Binance To Collaborate With Ukraine To Prepare Cryptocurrency Legislation By End of 2019
November 11, 2019
Binance Ukraine
Binance To Collaborate With Ukraine To Prepare Cryptocurrency Legislation By End of 2019
November 11, 2019

Binance, the major global crypto exchange, will collaborate with Ukrainian authorities to establish cryptocurrency-related legislation in the country.

On November 6, according to a press release, Binance has signed a Memorandum of Understanding (MoU) with the Ministry of Digital Transformation of Ukraine to jointly work on the legal status of cryptocurrencies in the country.

So, according to the announcement, the Ministry, Members of Parliament (MP) and commercial companies are planning to finalize the relevant bills and introduce them to the Ukrainian Parliament, and the Verkhovna Rada, by the end of 2019.

Changpeng Zhao (CZ), the CEO of Binance, confirmed the news on Twitter by 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.

The announcement says that as part of the agreement, the Ministry and Binance will form a working group focused on the strategy of blockchain implementations as well as the creation of “new virtual assets and virtual currencies market in Ukraine.”

CZ

Likewise, Mykhailo Fedorov, the Deputy Prime Minister, 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.”

ALSO READ :  Chen Weigang To Talk About ICO Regulations And Digital Currency Trading In China

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.” 

Mykhailo Fedorov

Prior to the announcement, MP Oleksii Zhmerenetskyi announced that current crypto legislation is nearing completion.

Thus, in a post on October 22, the MP provided public access to three bills to regulate cryptocurrency in the country and invited blockchain and crypto industry experts to review the provisions and submit their own proposals.

Source: thedigital.gov.ua | cointelegraph.com | Image: binance.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!