A Ukrainian official previously said that local laws do not prohibit people from paying in crypto if it’s converted into fiat.
Major cryptocurrency exchange Binance continues pushing operations in Ukraine by preparing to launch a new crypto payment card in the country.
Binance is looking to reach a dominant position in the crypto market of Ukraine by offering a wide range of local crypto services, Binance Ukraine’s new general manager Kirill Khomyakov said in a Monday interview with Forbes Ukraine.
“Binance card is not yet available for Ukrainian users, but we are actively working on its launch. This is one of our top priorities for 2022,” Khomyakov said.
Apart from launching a crypto payment card, Binance Ukraine is also pursuing the active development of local services related to NFTs and fan tokens. The firm is planning to launch a fan token for a major sports team in Ukraine to enable fan interactions soon.
While Ukraine’s crypto legislation doesn’t allow straightforward payments in cryptocurrencies like Bitcoin as these assets are not recognized as legal tender, there is still no ban on crypto-derived transactions.
“Binance card has a balance in cryptocurrencies with no fiat balance required. At the moment of the transaction the amount of the transaction is automatically converted from crypto to fiat,” Khomyakov said. “Our local partners ensure that any co-branded products with Binance are provided in 100% compliance with all regulatory rules and requirements,” he added.
Some Ukrainian government officials like Digital Transformation Deputy Minister Oleksandr Bornyakov also previously pointed out that local laws do not prohibit payments derived from crypto if crypto payment assets are converted into fiat.