world’s largest cryptocurrency exchange Binance, Kazakhstan cryptocurrency industry Bitcoin (BTC) It will help the country improve its digital asset regulation while aiming to develop beyond mining.
Binance to Integrate Kazakhstan’s Banking Infrastructure into Cryptocurrency Market
According to the post on the company’s official blog, Binance will also seek to “integrate banking infrastructure into the cryptocurrency market” and assist the country’s blockchain strategy.
The blog post also reportedly aims to work with the country’s digital ministry to transform the technology park called Astana Hub into a regional blockchain hub.
Kazakhstan is known as one of the largest Bitcoin mining centers in the world, but the mining sector in the country suffers from electricity shortages. The government has moved towards developing the cryptocurrency and blockchain industry outside of mining as well, including attracting new companies to the country’s financial centre, Astana International Financial Center (AIFC).
The country’s central bank also confirmed a March amendment to the law that allows banks to service crypto exchanges set up at AIFC.
With the advisory roles it has managed to achieve, Binance seems to have undergone a complete change in the attitude it has seen from regulators globally over the past year. The company has since strengthened its standards compliance team and has made efforts to address regulators’ concerns.
CZ Met with Senior Kazakh Officials
According to the post shared by the exchange, Changpeng “CZ” Zhao, founder and CEO of Binance, met on Wednesday with Kazakh President Kassym-Jomart Tokayev, as well as the Minister of Digital Development, Innovation and Aviation Industry Bagdat Musin and the President’s First Deputy Chief of Staff Timur Suleimenov. met with.
According to the exchange’s post, Tokyev said:
“Together with CZ, we evaluated the Binance roadmap in Kazakhstan. We also discussed the potential to create a Blockchain-focused venture fund and academy from the Astana Hub to help local talent expand into the global market.”
*Not investment advice.