Binance, the world's largest crypto exchange, will help Kazakhstan develop regulation for digital assets as the Central Asian country looks to develop its crypto industry beyond bitcoin mining.
- Binance will also seek to "integrate banking infrastructure into the cryptocurrency market" and help with the country's blockchain strategy, according to a post on its official blog.
- It will work with the country's Digital Ministry to turn the Astana Hub IT Park into a regional blockchain hub, the post says.
- Kazakhstan is one of the world's largest Bitcoin miners, but its mining industry has struggled with power shortages. The government has turned to developing its crypto and blockchain industry beyond mining, including attracting new businesses to its financial hub, the Astana International Financial Centre (AIFC).
- The central bank also confirmed to CoinDesk a March law change allowing banks to service crypto exchanges in the AIFC.
- The advisory role is an about-face for Binance, which drew the ire of regulators around the world last year. Since then, the company has ramped up its compliance team in an attempt to address their concerns.
- Binance founder and CEO Changpeng "CZ" Zhao met with Kazakhstan President Kassym-Zhomart Tokayev on Wednesday, as well as Minister of Digital Development, Innovation and Aerospace Industry Bagdat Musin and First Deputy Chief of Staff to the President Timur Suleimenov, the post says.
- "Together with CZ, we discussed the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-focused VC fund and academy to help local talent from Astana Hub go global," Tokayev said, according to the blog post.