Binance, the world’s top cryptocurrency and blockchain infrastructure company, announced an agreement of an MoU with the Republic of Kazakhstan Ministry of Digital Development, Innovations, and Aerospace Industry. The event took place on May 25th. Binance will help Kazakhstan’s government in its laws to reform the country’s crypto sector. It will also aid in the inclusion of the local banking system in the rapidly growing digital asset market.
NEW: Binance and Kazakhstan signed an agreement to develop crypto adoption in the country pic.twitter.com/9SeX9FdjSa
— Blockworks (@Blockworks_) May 25, 2022
Collaboration of Kazakhstan with Binance will grow crypto industry
The MoU was signed as part of the Czech Republic’s official visit to Kazakhstan. Binance CEO Changpeng Zhao visited Kazakhstan on May 25, 2022, and met with President Kassym-Zhomart Tokayev, First Deputy Chief of Staff of the President of Kazakhstan, Timur Suleimenov, and Bagdat Musin, Kazakhstan’s Minister of Digital Development, Innovations, and Aviation Industry.
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
Binance will aid in the establishment of the Republic of Kazakhstan’s legal framework and regulatory regulations for crypto-assets. The Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan and Binance will also look for opportunities to incorporate banking systems within the cryptocurrency industry and enable the formulation and deployment of distributed ledger technology underneath the terms of the partnership deal. The Ministry and Binance will help Astana Hub in attracting local and foreign talent, allowing the establishment of a regional blockchain hub.
Kazakhstan wishes for AIFC to serve as a hub for authorized cryptocurrency exchanges. As part of a trial initiative, the country’s National Association of Blockchain and Data Center Industry said last summer that local commercial banks will be allowed to create accounts for cryptocurrency trading platforms listed at the hub.
Kazakhstan became a significant mining hotspot
Kazakhstan became a significant mining hotspot when China tightened its crypto mining business last, but the inflow of miners has been responsible for a rising power shortfall. To address the issue, the government intends to implement varied tax rates based on the cost of used electrical energy. The essential changes to the Tax Code were granted this week on first reading in the Mazhilis, a lower house of parliament.
