Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster “virtual asset market development” in the central Asian country.
The signing of the MOU, which is between Binance and Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, took place on Wednesday during Changpang Zhao’s official visit to the country. The Binance CEO met with Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Suleimenov and Bagdat Musin, the minister overseeing the country’s digital innovation strategy.
Under the framework, Binance will assist Kazakhstan in developing legislative guidelines and regulatory policies for crypto assets. The Ministry of Digital Development, Innovations and Aerospace Industry will also “seek opportunities to integrate banking infrastructure within the cryptocurrency market” and facilitate the development of blockchain technology, according to the official statement.
President of the Republic of Kazakhstan🇰🇿 Kassym-Jomart Tokayev meets CEO of Binance Changpeng Zhaohttps://t.co/K4MsXM646M
— CZ 🔶 Binance (@cz_binance) May 25, 2022
The President held a meeting with Changpeng Zhao, the founder and CEO of Binance, the world’s largest crypto exchange company.
During the meeting, they discussed prospects for long-term cooperation between the relevant agencies of Kazakhstan and Binance in digital finance and implementing joint educational programs in the field of blockchain technologies, as well as issues of creating a regional hub of the crypto industry in Kazakhstan.
Following the meeting, in the presence of President Tokayev, the Ministry of Digital Development, Innovation and Aerospace Industry and Binance signed a Memorandum on Cooperation in the Republic of Kazakhstan.