Binance to Help Ukraine Prepare Cryptocurrency Legislation by End of 2019
Helen Partz's original article for cointelegraph.com reduced by 48%
Major global crypto exchange Binance will collaborate with Ukrainian authorities to establish cryptocurrency-related legislation in the country. Potential legal status of cryptocurrencies in Ukraine. Binance has signed a memorandum of understanding with the Ministry of Digital Transformation of Ukraine to jointly work on the legal status of cryptocurrencies in the country, according to a press release shared with Cointelegraph on Nov.
6. Binance CEO Changpeng Zhao confirmed the news on Twitter, 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. 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," the announcement says.
"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." In a post on Oct. 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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