Binance has signed a MOU with the government of Kazakhstan to reinforce virtual asset market development in the country.
The MOU, which is between Binance and the Ministry of Digital Development, Innovations and Aerospace Industry, took place during Changpang Zhao’s official visit to the country. The Binance CEO met with the President Kassym-Jomart Tokayev and Bagdat Musin, the minister in charge of the country’s digital innovation strategy.
Under the framework, Binance will support Kazakhstan in developing legislative guidelines and regulatory policies for crypto assets. The Ministry of Digital Development, Innovations and Aerospace Industry will also pursue opportunities to integrate banking infrastructure within the cryptocurrency market” and facilitate the development of blockchain technology.
Kazakhstan has emerged as a pivotal player in the Bitcoin economy since absorbing Chinese mining capacity following Beijing’s crackdown on the industry. Chinese Bitcoin mining companies Canaan and BTC.com have moved their operations to the country to capitalize on cheap, abundant fuel, as well as favourable regulatory conditions.
