Leading cryptocurrency exchange, Binance will assist Ukraine to draft new regulations for the cryptocurrency and blockchain industry in the country.
According to an update by the exchange today, Binance has signed a Memorandum of Understanding (MoU) with Ukraine’s Ministry of Digital Transformation to help the country establish the “potential” status of various digital assets, including cryptocurrencies.
The move would also accompany the creation of a working committee consisting of delegates from the Ministry of Digital Transformation, Members of Parliament, and representatives of commercial companies.
The committee will be tasked with the responsibility of establishing a strategy for the blockchain and crypto industry and the subsequent creation of a regulated digital assets market in the country.
As noted in the announcement, Binance will also assist the country in issuing rights and privileges to crypto-related firms using a transparent and effective solution.
Mykhailo Fedorov, the Minister of Digital Transformation of Ukraine, was quoted as saying in the announcement:
By signing the Memorandum, we open Ukraine to one of the largest cryptocurrency exchanges in the world and allow to Binance legally start their business here. […] both global cryptocurrency and Ukrainian companies will be able to operate in Ukraine openly and transparently.
Reacting to the development, Binance CEO Changpeng Zhao stated that the move shows that the Ukrainian government has good intentions for the crypto and blockchain industry.
“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,” CZ added.
Meanwhile, Binance has been working toward adding major fiat currencies to its direct fiat-to-crypto trading facility.
As Coinfomania reported last month, the exchange added support for the Nigerian Naira (NGN), with recent reports suggesting that the exchange would soon add support for Ukrainian hryvnia (UAH) and Kazakhstani tenge (KZT).