Binance to assist Ukraine in establishing the legal status of cryptocurrencies in the country

Binance signed a Memorandum of Understanding (MoU) with the Ministry of Digital Transformation of Ukraine to help the country in establishing the potential legal status of cryptocurrencies. The Malta-based crypto giant would also help develop a transparent and effective mechanism for the transfer of rights to any virtual assets or currencies using blockchain technology.

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Binance recently announced that they signed an MoU with the Ministry of Digital Transformation of Ukraine to help the country in establishing the potential legal status of virtual assets and currencies in the country. The crypto giant would also help in developing a transparent mechanism for the transfer of rights to any virtual assets or currencies using blockchain technology.

 

Crypto bill to be introduced in parliament by the end of 2019

According to the official announcement, the Ministry, Members of Parliament (MP), and commercial companies are planning to propose a crypto bill in the Ukraine parliament by the end of the ear. An official from the Ministry of Digital Transformation of Ukraine said that they intend to create a comfortable, competitive environment for the crypto industry in the country.

As part of the agreement, the Malta-based crypto exchange and the Ministry of Digital Transformation will set up a working group to develop a strategy for the implementation of the blockchain technology and creating new virtual assets and virtual currencies in the market.

 

CZ calls it a “Real Change.”

Binance CEO, Changpeng Zhao said that they are pleased to partner with the Ministry of Digital Transformation and support the government’s ambitious plans and vast potential in the field of blockchain technologies. CZ further added that the legalization of cryptocurrencies could become one of the key drivers in the country’s economic growth. The CEO called this collaboration a real change from a few years ago.

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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