Binance will aid the Kazakhstani government in its measures to regulate the country’s cryptocurrency market. The biggest cryptocurrency exchange by trading volume, Binance will provide assistance in integrating the local financial infrastructure with the growing digital assets market.
Binance announced the signing of a Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry on Thursday. In the MOU, both parties declared an interest in the inclusion and growth of crypto assets.
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Changpeng Zhao, the founder and CEO of Binance, met with Kazakhstan’s President Kassym-Jomart Tokayev and other high-ranking government officials in Akorda on Thursday to examine opportunities for long-term cooperation.
Binance and the ministry have agreed to help the Astana International Financial Centre, the financial hub in the capital city of Nur-Sultan, previously Astana.
The chief of the digital development ministry Bagdat Musin, said that Binance and Kazakhstan have discussed the potential of establishing a blockchain-focused venture fund and academy.
This year, the world’s second-largest Bitcoin (BTC) miner has garnered much attention. Kazakhstan accounted for 18 percent of Bitcoin’s global hashrate in August, second only to the United States, according to the Cambridge Centre for Alternative Finance.
Recent crypto newswires have been filled with allegations of the Kazakhstani authorities cracking down on cryptocurrency mining.
In March of last year, the government of Kazakhstan announced the shutdown of 106 mining operations. The government forced the closure of 51 miners, while 55 of them closed willingly.
Now, Binance’s advisory role marks a significant turnaround for the cryptocurrency exchange, which last year earned the derision of global regulators. Since then, the company has increased its compliance committee and tried to allay customer fears.
BTC total market cap at $556 billion on the daily chart | Source: TradingView.com
According to Tokayev, in Kazakhstan, Zhao and Binance’s roadmap were discussed in great length. The president was quoted as saying, “We also discussed the possibility of establishing a blockchain-focused venture capital fund and academy to assist local talents from Astana Hub in going global.”
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Tokayev stated, “We truly believe Kazakhstan can become a regional hub for the world’s major crypto players.”
Kazakhstan is one of the first countries in the world to legalize cryptocurrency mining. According to Zhao, Binance can significantly contribute to the growth of the local crypto community and blockchain ecosystem in the country.
Featured image from The Qazaqstan Monitor, chart from TradingView.com
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