Binance signs a memorandum of understanding with Ukraine to introduce new encryption rules

Leading cryptocurrency exchange Binance will be directly involved in developing new rules for the industrycryptocurrencies and blockchain in Ukraine.

According to an update posted on the blogexchange, Binance has signed a Memorandum of Understanding with the Ministry of Digital Transformation of Ukraine, which will help the country establish the “potential” status of various digital assets, including cryptocurrencies.

This step will also be accompanied by the creation of a working committee, which will include delegates from the Ministry of Digital Transformation, members of parliament and representatives of commercial companies.

The committee will be tasked with developing a strategy for the development of the blockchain and crypto industry, as well as creating a regulated digital asset market in the country.

As noted in the announcement, Binance alsowill help the country in issuing rights and privileges to cryptocurrency firms. Mikhail Fedorov, Minister of Digital Transformation of Ukraine, claims that now Binance will be able to conduct legal activities in Ukraine.

In turn, the CEO of BinanceChangpeng Zhao stated that this move is evidence that the Ukrainian government has good intentions regarding the crypto and blockchain industries.

Legalization of cryptocurrencies and relatedthe adoption of progressive legislation in this area may become one of the key factors in stimulating the positive growth of the Ukrainian economy, as well as attracting additional investments into the country, – Changpeng Zhao added.

Meanwhile, Binance is working on adding the Ukrainian hryvnia to its platform.

The exchange has already added support for the Russian ruble, and is now preparing for the listing of the Ukrainian hryvnia and the Kazakh tenge.