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Binance assists Kazakhstan in regulating cryptocurrencies

Binance assists Kazakhstan in regulating cryptocurrencies

Cryptocurrency exchange Binance plans to collaborate with the Ministry of Digital Development of Kazakhstan to regulate and integrate cryptocurrencies into the financial system.

According to the press service of Binance, the crypto exchange signed a Memorandum of Understanding with the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan during the visit of Changpeng Zhao (CZ), head of the company, to Kazakhstan.

The parties plan to develop the virtual asset market in Kazakhstan. Binance, jointly with the Ministry of Digital Development, Innovation and Aerospace Industry, will work on the following tasks:

  • development of a legal framework and regulatory policy for crypto assets;
  • banking infrastructure integration into the cryptocurrency market;
  • development and implementation of distributed registry technologies.

Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin said: “As a global leader among crypto exchanges, Binance takes responsibility for the whole ecosystem. Together with CZ, we considered the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-oriented VC-fund and academy to help local talents from Astana Hub to go global. We really believe Kazakhstan can become a regional hub for international players in the crypto world."

Kazakhstan ranks third in global mining, making it one of the key regions for developing the cryptocurrency industry.

“Kazakhstan is one of the world leaders in the crypto mining industry. The country was one of the first in the world to introduce the legalization of mining. We believe that, in full cooperation with the local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan.” - said Changpeng Zhao

In May 2021, the Central Bank of Kazakhstan introduced a digital tenge project. The regulator announced its intention to study the benefits and risks of implementing the Central Bank's digital currency (CBDC).

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