Ukraine Edges Closer to Crypto Regulation as Binance Prepares Local Expansion

The long-awaited legalization of the crypto market in Ukraine appears to be nearing its conclusion. After six years of discussions, the country is finally close to adopting full-fledged regulation. This development will allow Binance to officially establish a local exchange and initiate licensing.

According to Kyrylo Khomyakov, Binance's regional manager for Central and Eastern Europe, Central Asia, and Africa, the company has been actively engaged in shaping the regulatory framework. The National Securities and Markets Commission and the National Bank of Ukraine will serve as market regulators under the new law.

The final text of the draft law is reportedly ready and will soon be submitted to parliament for approval. Binance has emphasized its goal of balancing the bill, ensuring it protects users, increases tax revenue, and fosters innovation without stifling it. Key features of the proposed regulation include personal data protection, exemption from being tax agents for exchanges, and a lower tax burden.

Binance has made it clear that it does not plan to obtain a full banking license in Ukraine. Instead, the company will focus on expanding financial opportunities for users through partnerships with licensed financial institutions. This includes offering tools for investing in traditional stocks and precious metals.