Binance announced on Wednesday (November 6) that it has signed a memorandum of understanding (MoU) to work with the Digital Transformation Ministry of Ukraine for the purpose of establishing the “the potential legal status of virtual assets and currencies in the country.”

Binance’s blog post also mentioned that it will help with the development of “transparent and effective mechanisms for the transfer of rights to any virtual assets or currencies using blockchain technology as well as beneficial conditions for investments and business in Ukraine.”

Mykhailo Fedorov, Ukraine’s Vice Prime Minister and the Minister of Digital Transformation, had this to say:

At last, Ukraine is finally in a situation where the executive, legislative authorities and market have come to an understanding of the regulation of the Ukrainian cryptocurrency market. By the end of this year, the Ministry of Digital Transformation, together with Members of Parliament and representatives of commercial companies, plan to finish work on the relevant bills and present them to our parliament. The Ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine.

Minister Fedorov also added:

By signing the Memorandum with Binance, we open Ukraine to one of the largest cryptocurrency exchanges in the world and let Binance legally start their business here. 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.

As for Changpeng Zhao (aka “CZ”), Co-Founder and CEO of Binance, he stated:

The legalization of cryptocurrencies and corresponding adoption of progressive legislation in this sphere can become one of the key drivers in stimulating positive growth in the Ukrainian economy as well as attract additional investments to the country…

Updated at 15:24 UTC on November 6:

Boom, nice timing! Just a few hours ago, $UAH deposit and withdrawals are enabled on @binance. Buy/Sell of crypto using $UAH will be enabled tomorrow. Check it out, #Ukraine! 🇺🇦🇺🇦🇺🇦 https://t.co/RPcrfyp3iF — CZ Binance (@cz_binance) November 6, 2019

“We open Ukraine to one of the largest cryptocurrency exchanges in the world and let Binance legally start their business here,” Fedorov added.