Binance to Help Ukraine Prepare Cryptocurrency Legislation by End of 2019

Published at: Nov. 6, 2019

Major global crypto exchange Binance will collaborate with Ukrainian authorities to establish cryptocurrency-related legislation in the country.

Potential legal status of cryptocurrencies in Ukraine

Binance has signed a memorandum of understanding (MoU) with the Ministry of Digital Transformation of Ukraine to jointly work on the legal status of cryptocurrencies in the country, according to a press release shared with Cointelegraph on Nov. 6.

According to the announcement, the Ministry, Members of Parliament (MP) and commercial companies are planning to finalize the relevant bills and introduce them to the Ukrainian Parliament, the Verkhovna Rada, by the end of 2019.

Binance CEO Changpeng Zhao (CZ) confirmed the news on Twitter, claiming that the action is a “real change from a few years ago.” In the press release, CZ stated that the legalization of cryptocurrencies and the adoption of progressive legislation can play a key role in bringing positive growth in the economy as well as attract additional investments.

Ukraine and Binance to create new virtual assets

As part of the agreement, the Ministry and Binance will form a working group focused on the strategy of blockchain implementations as well as the creation of “new virtual assets and virtual currencies market in Ukraine,” the announcement says.

Deputy Prime Minister Mykhailo Fedorov emphasized that Ukraine has finally entered a situation where the executive, legislative authorities and the market “have come to an understanding of the regulation of the Ukrainian cryptocurrency market.” He stated:

“Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently. In addition, we welcome Binance's willingness to provide us with advisory assistance as the experience of one of the leading world players in this field is very useful for us at the stage of forming the legislative framework and the conditions for market regulating.” 

Three bills on the way

Prior to the announcement, MP Oleksii Zhmerenetskyi announced that current crypto legislation is nearing completion. In a post on Oct. 22, the MP provided public access to three bills to regulate cryptocurrency in the country and invited blockchain and crypto industry experts to review the provisions and submit their own proposals.

Tags
Bitcoin
Bitcoin Regulation
Cryptocurrency Exchange
Cryptocurrencies
Law
Binance
Ukraine
Related Posts
FTX reboot could falter due to long-broken user trust, say observers
Several crypto industry commentators have laid skepticism on FTX CEO John Ray’s vision to potentially reboot the crypto exchange, citing trust issues and “second-class” treatment of customers as some reasons why users may not “feel safe to go back.” Former FTX CEO Sam Bankman-Fried tweeted on Jan. 20 praising John Ray for looking at a reboot of FTX, suggesting it is the best move for its customers. I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts! I'm still waiting for him to finally admit FTX US is solvent …
Bitcoin / Jan. 20, 2023
Binance-backed Indonesian crypto exchange considers IPO
Jakarta-based crypto exchange Tokocrypto is considering a public market debut over the next two or three years, Nikkei reported on Wednesday. “I’m saying two years because we need to be profitable for at least more than two years before listing. We are already profitable now. Our key focus at Tokocrypto is to grow the business further, expand our operations to more parts of Indonesia and make crypto mainstream in the country,” Tokocrypto CEO Pang Xue Kai said. “Valuation-wise, it is premature to talk about as an IPO is still two to three years down the road, but a close reference …
Bitcoin / June 2, 2021
Russia to decide between blanket crypto ban and legalizing exchanges in 2022
On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the move would align with remarks made by Russian President Vladimir Putin last month, who stated that cryptocurrencies "bear high risks" at an investment forum in Moscow. The nation's central bank is currently preparing an advisory report on the issue. However, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Financial Markets, gave the …
Adoption / Dec. 16, 2021
Ukraine’s largest savings bank halts Bitcoin buys with hryvnia: Report
While the Ukrainian government has moved to legalize Bitcoin (BTC) amid the ongoing attacks from the Russian military, some of the largest local banks have reportedly banned their clients from buying BTC using the national currency. PrivatBank, the largest commercial bank in Ukraine, has temporarily restricted its customers from purchasing Bitcoin with the national currency, the hryvnia (UAH), industry publication Forklog reported on Thursday. Citing a spokesperson from PrivatBank, the report notes that the latest PrivatBank’s restrictions fall in line with an order from the National Bank of Ukraine. The restrictions will reportedly apply during the current period of martial …
Bitcoin / March 18, 2022
Price analysis 1/11: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Crypto and stock markets are usually forward-looking. Meaning, traders tend to ignore the near-term negatives and focus on the positives down the line. With Bitcoin’s (BTC) next halving in 2024, analysts are shifting their attention to this event. Independent market analyst Rekt Capital highlighted this unique market dynamic in 2015 and 2019, a year before halving, Bitcoin rallied 234% and 316% respectively. If history repeats itself, Bitcoin’s price action may spring a surprise in 2023. However, the near term remains uncertain and the Consumer Price Index (CPI) data on Jan. 12 may lead to a sharp uptick in volatility. Some …
Bitcoin / Jan. 11, 2023