The largest cryptocurrency exchange Binance intends to help Ukraine in developing methods for regulation the cryptocurrency industry. This means that the company’s specialists see great potential for the development of the crypto industry in Ukraine.
The company said that they signed a Memorandum of understanding with the Ministry of Digital Transformation of Ukraine. The Ukrainian government said that such cooperation will significantly improve the legal status of cryptocurrencies in the country. It is expected that the platform will begin work in the country before the end of the year.
As part of the partnership, Binance, together with the Ministry of Digital Transformation of Ukraine, intend to create a working group that will discuss further plans for the regulation of the crypto industry and the formation of the digital market in Ukraine.
Moreover, Binance will develop effective mechanisms designed to transfer rights to various virtual assets through a distributed network, as well as create favourable conditions for investment and business activities.
Changpeng Zhao is confident that the legal status of cryptocurrencies will improve the Ukrainian economy, as well as create the basis for additional investments.
The Minister of Digital Transformation of Ukraine, Mikhail Fedorov, is confident that cooperation with the largest cryptocurrency exchange will open the opportunity for transparent work with companies in this industry and create a comfortable environment for them.
He also believes that the entry of Binance into Ukraine will be a strong driver for the crypto-system and the legalisation of cryptocurrencies.
“This is an additional hundred of millions of taxes that our state will receive. For fans of cryptocurrency and those who work in this direction, this is a very big signal that Ukraine has appeared on the world map of cryptocurrencies,” said the head of the Ministry of Digital.
“We are pleased that Binance has become interested in neighbouring countries. We hope that they will reach Russia as well,” commented Denis Onatsik, director of Deecrypto Store & Club.
However, in Russia, the regulation of the cryptocurrency market is regularly postponed due to disagreements among the members of the working group and the tough position of the Central Bank, which is categorically against the legalization of cryptocurrencies on open platforms.
An interesting fact is that in the spring of 2019, Binance suffered from a hacker attack, they stole $41 million in bitcoins.