Director of the Ukrainian department of the Binance crypto exchange considers Ukraine the best environment for the development of the cryptocurrency industry

The head of Ukrainian Binance, Kirill Khomyakov, gave an interview to the Ukrainian media outlet RBC-Ukraine, where he spoke about how the cryptocurrency industry is operating during the ongoing crypto winter, touched upon the problems associated with the FTX collapse, discussed the reputational challenges of the crypto market in Ukraine, and outlined local prospects for cryptocurrency users. Here is a blitz of the most important statements of the top manager.

• The crypto winter continues and is likely to last for some time. In addition, the fall of FTX may lead to further bankruptcies of smaller dependent players. But this is a quite obvious process: when one of the major players goes bankrupt due to mismanagement, investor confidence is significantly reduced, and this cannot go unnoticed by the entire industry. Bad players leave the market, while strong projects that bring real value to customers remain.
• Ukraine today is the best global case study in the use of cryptocurrencies. …Since the beginning of the war, cryptocurrencies have been very helpful in terms of donations and charitable projects: the whole world can transfer funds to the Armed Forces, volunteers, and charities almost instantly.
• Europe has adopted a pan-European regulation of virtual assets, so Ukraine, as a potential EU member, should also implement these norms in our cryptocurrency legislation. It is a very important and correct decision to implement regulations adapted to EU requirements. This will allow us to immediately be based together in a single ecosystem.
• For the [криптовалютної - ред.] industry, it is critically important that the tax regulation of the market also works. The vast majority of crypto users will be happy to pay taxes to be able to use cryptocurrency «in the clear» [легально].
• In 2022, our research team found that in February, more than $ 4 million worth of cryptocurrencies were sent to the Russian military. It all started with public posts on Telegram about crowdfunding donations and ended with the purchase of weapons.
• What the Ministry’s team is doing in terms of digital transformation is one of the best cases in the world. The main topic of discussion for us is compliance with sanctions, joint projects of the Ministry of Digital Transformation and Binance to support Ukrainians and charitable assistance to Ukraine.
• Ukrainian business has always been very progressive in implementing new technologies and convenient payment solutions, including crypto payments. Today, we have already integrated the Binance Pay payment method with market leaders.

We would like to add that Mykhailo Fedorov, the Minister of Digital Transformation of Ukraine, was named one of the top 50 most influential people in the cryptocurrency industry in 2022 by CoinDesk. The head of the digital agency took 35th place. The ranking also includes Binance CEO Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao, popular crypto whistleblower ZachXBT, and even several crypto skeptics.