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Binance Working With Ukraine Authorities to Establish Crypto-focused Regulations

By Shannon Wilson | November 8, 2019

Crypto exchange heavyweight Coinbase is reportedly going to work with the Ukraine government to come up with crypto-focused regulation across the nation. 

Specifically, a memorandum of understanding (MoU) has been agreed upon and signed by the crypto exchange firm, to partner with the Ministry of Digital Transformation of Ukraine, in an attempt to make changes to the legal state of digital coins in Ukraine. 

Particularly, the Ministry, Members of Parliament (MP) and commercial firms look to finish the necessary laws, and propose them to the Ukrainian Parliament, the Verkhovna Rada, around the end of 2019. 

Head of Binance Changpeng Zhao (CZ) took to Twitter to confirm the announcement, considering the initiative to be the “real change from a few years ago.” He believed that the legal status of digital coins, along with the adoption of progressive regulation, may potentially the crucial factor in advancing the economic development, and have more additional funds invested in the nation. 

Stated in the MoU, the Ministry and Binance will establish a team, with a primary goal to strategize the blockchain implementations, along with the growth of “new virtual assets and virtual currencies market in Ukraine”.

Previously, MP Oleksii Zhmerenetskyi revealed that the existing crypto regulation is almost finished. MP Zhmerenetskyi has already allowed access for the public audience to the 3 laws, bringing regulatory clarity to the nation, as well as attract blockchain and crypto professionals to review the provisions and propose their own ideas.

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