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Binance To Collaborate With Ukraine To Prepare Cryptocurrency Legislation By End of 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.

What a nice feeling to be able to participate in these discussions. A real change from a few years ago. #adoption — CZ Binance (@cz_binance) November 6, 2019

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.”

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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.”

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.

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