May 13, 2021

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

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

Leading cryptocurrency exchange Binance will be directly involved in the development of new rules for the industry cryptocurrencies and blockchain in Ukraine.

According to an update posted on the blogof the stock exchange, 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 industries, as well as creating a regulated market for digital assets in the country.

As noted in the announcement, Binance alsowill help the country in granting 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 relatedAdoption of progressive legislation in this area can be one of the key factors in stimulating the positive growth of the Ukrainian economy, as well as attracting additional investment in the country, ”Changpen 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 to list the Ukrainian hryvnia and the Kazakhstan tenge.