Ukraine will soon introduce cryptocurrency-related legislation in the country by the end of 2019.
Ukrainian Deputy Prime Minister Mykhailo Fedorov said that Ukraine has finally entered a situation where the executive, legislative authorities and the market have come to an understanding about regulating the Ukrainian cryptocurrency market.
In this regard, the global cryptocurrency exchange Binance will collaborate with Ukrainian authorities to establish cryptocurrency-related legislation in the country. Binance has recently signed a Memorandum of Understanding (MoU) with the Ministry of Digital Transformation of Ukraine to jointly work on the legal status of cryptocurrency in the country, according to reports.
The report says that 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.
Confirming the news on Twitter, Binance CEO Changpeng Zhao claimed that the action is a real change from a few years ago. Zhao stated that the legalization of cryptocurrencies and the adoption of progressive legislation can play a key role in bringing positive growth to the economy as well as attract additional investments.
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.
“Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently. Besides, 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,” Deputy Prime Minister Mykhailo Fedorov said.
Before the announcement, MP Oleksii Zhmerenetskyi announced that current crypto legislation is nearing completion. In a post on October 22, the MP had 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 proposals.