26 February, 2020 one of the top world cryptocurrency exchanges  Binance organized a small meetup, which was attended by Vladyslav Yarovoі, CEO of VigoLex.

A bit about Binance

Binance is in the TOP-10 of the largest cryptocurrency exchanges in the world. Launched in Hong Kong in 2017, it was subsequently moved to Malta in search of more favorable legislative regulation. It works with bitcoins, altcoins, stablecoins and fiat currencies. Has: spot, margin and futures wallets.

Meetup insights  

Absolutely, the presentation by Ivan Pascar, Community Manager of the Binance team, was the main and the most interesting.

He spoke about the company’s plans, problems with the exchange that had arisen a few weeks before because of the large flow of users (as it turned out, the exchange had not been ready for such an influx and it had simply «laid down»). Now all problems are resolved, and the exchange continues to increase capacity.

More recently, Binance has provided the opportunity for Ukrainian users to replenish their accounts in UAH. It is also anticipated that trading cryptocurrencies in pairs to the UAH will become a reality in the near future.

Also, Ivan paid special attention to the topic of signing a memorandum between Binance and the Ministry of Digital Transformation of Ukraine. Under this agreement, parties will create a working group to develop a strategy for introducing blockchain technology, creating new virtual assets and a virtual currency market in Ukraine, as well as for legal regulation of cryptocurrency activities.

What does this mean?

Ukrainian government does not forget about cryptocurrency! Actually, the hype has already passed, and many other questions are in the public eye (for example, changes to the Tax Code).

Nevertheless, our government continues to work on creating a regulatory framework for the sphere of cryptocurrencies in Ukraine. It is supposed to introduce taxes on income derived from cryptocurrency trading (mining is also in doubt), and in addition, most likely, exchanges will be obliged to provide information on accounts of residents of Ukraine.

Ivan assured that the exchange will provide information and freeze funds exclusively at the legitimate request of the authorities (Binance has already had such a case when the exchange user account was blocked at the request of the Ukrainian cyber police).

Representatives of the Harmony and NEO coin teams spoke about their successes and plans for the future. We can advise all holders to wait for “To The Moon” after the start of the altcoin season.

In general, the meeting showed that the cryptocurrency community in Ukraine is quite powerful and Ukrainian business in this area is anticipated to succeed.

But it is vital to always remember one thing. Reliable legal protection of yourself and your business should be provided AT THE START, and not when «It is gone».