Binance, the world’s largest cryptocurrency exchange, and blockchain infrastructure provider, announced the signing of a Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry.
The parties stated a shared interest in the country’s virtual asset market development in the agreement.
The Memorandum of Understanding was signed during CZ’s official visit to Kazakhstan. Binance CEO Changpeng Zhao visited Kazakhstan on May 25, 2022, and met with President Kassym-Zhomart Tokayev, Timur Suleimenov, First Deputy Chief of Staff of the President of Kazakhstan, and Bagdat Musin, Minister of Digital Development, Innovation, and Aerospace Industry of the Republic of Kazakhstan.
Kazakhstan will develop a regulatory crypto framework with Binance
Binance will assist in the development of the Republic of Kazakhstan’s legislative framework and regulatory policy for crypto-assets.
Under the terms of the agreement, the Republic of Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry and Binance will look for ways to integrate banking infrastructure into the cryptocurrency market, as well as facilitate the development and implementation of distributed ledger technology.
The Ministry of Finance and the exchange will work together to promote Astana Hub among local and international talent, allowing for the establishment of a regional blockchain hub.
“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.”Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin
In addition, the Ministry is involved in the formulation and implementation of state policy in the areas of innovation, communications, public services, and electronic industry in the context of the country’s digital development.