Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster \u201cvirtual asset market development\u201d in the central Asian country.\u00a0<\/p>\n
The signing of the MOU, which is between Binance and Kazakhstan\u2019s Ministry of Digital Development, Innovations and Aerospace Industry, took place on Wednesday during Changpang Zhao\u2019s 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\u2019s digital innovation strategy. <\/p>\n
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 \u201cseek opportunities to integrate banking infrastructure within the cryptocurrency market\u201d and facilitate the development of blockchain technology, according to the official statement. <\/p>\n
Kazakhstan has emerged as a pivotal player in the Bitcoin (BTC) economy since absorbing Chinese mining capacity following Beijing\u2019s wholesale 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 favorable regulatory conditions. <\/p>\n