By
Steve Muchoki
April 24th, 2024
Binance will advise the country on developing appropriate regulatory measures for digital assets.
Binance has signed an MoU with the Ministry of Digital Development, the Republic of Kazakhstan to develop the local crypto community. The signing of the MoU took place when the CEO of Binance Changpeng Zhao (CZ) paid a visit to the country.
Kazakhstan was one of the first countries in the world to legalize cryptocurrency mining. It took on crypto elite status after the blanket ban on the mining industry by China. Major Chinese miners moved to Kazakhstan to enjoy the cheap energy sources and favorable regulations in the country. Since then, the ming activities have strained the country’s energy supply. Now, the country is looking to develop its cryptocurrency ecosystem beyond mining.
CZ met with Kazakhstan’s president and two other senior cabinet members to discuss the possibilities of long-term cooperation.
How Binance Will Develop the Crypto Community
Binance will advise the country on developing appropriate regulatory measures for digital assets in the nation. The advisory role is a curious one given that just last year, Binance faced regulatory backlash in many nations. Since then, the exchange has strived to become more compliant, beefing up its regulatory team.
The cooperation will also allow the integration of the existing banking infrastructure into the cryptocurrency ecosystem. Recall that previously, the law of the country was amended to allow banks to service crypto exchanges within the AIFC.
Minister of Digital Development, Innovation and Aerospace Industry of the country, Bagdat Musin noted that Binance is a global leader in the crypto ecosystem. He expressed his belief that Kazakhstan can become a hub for international crypto firms in the region. He said, “We discussed the potential of creating a blockchain-oriented VC-fund and academy to help local talents from Astana Hub to go global.”
CZ expressed belief in the potential of the agreement to achieve great results. He noted that improving global crypto adoption and impacting communities is central to Binance’s goals. “Together with local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan,” said he.