Binance, the leading crypto exchange by daily trading volume has created quite a reputation in the crypto space for being reliable and transparent. The CEO of the firm has been lauded for his efforts in handling tricky situations and Did, and the platform has been on an expansion spree adding new features and services almost every other day.
Now the trading platform has added another feather to its cap as it would be helping the Ukranian government in finalizing their crypto regulations and also advise them on expanding their digital financial ecosystem.
The exchange announced on November 6th that they have signed a memorandum of understanding (MoU) with Ukraine’s Ministry of Digital Transformation in order to establish “the potential legal status of virtual assets and currencies in the country.”
As per the MoU, Ukraine’s Ministry of Digital Transformation and Binance would work together to discuss the regulatory requirements for the country and also plan a roadmap on creating a digital asset market. The press release read,
“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,”
Binance’s CEO Changpeng “CZ” Zhao also expressed his happiness on the new partnership and believed it would bring in positive growth for the country. He said,
“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.”
Ukraine Betting Big on Blockchain
Along with signing an MoU with Binance, and creating the Ministry of Digital Transformation in September, a group of Ukrainian parliament members along with leading entrepreneurs in the country published three draft bills that are set to be introduced in the parliament.
Oleksiy Zhmerenetsky, one of the lawmakers in the country recently posted on Facebook saying,
“The legislation for the blockchain economy is approaching the finish line,”
Mykhailo Fedorov, minister of digital transformation was quite optimistic on the possibilities of the new MoU signed with Binance and said,
“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,”