Binance signs a memorandum of understanding with Kazakhstan to support the development of the crypto market in the country.
changpeng Zhao (CZ)founder and CEO of Binancethe world’s largest cryptocurrency exchange, recently met with the president of Kazakhstan Kassim Jomart Tokayevthe first deputy chief of staff Timur suleimenov and the minister Baghdad musinwho is in charge of the country’s innovation and digital strategy.
Collaborate in the adoption and regulation of cryptocurrencies.
Rather during the day, Binance signed a memorandum of understanding (SMOOTH) with the Government of Kazakhstan to support the “virtual asset market development” in the country. In fact, theThe signing of the memorandum of understanding will allow Binance contribute to thedevelopment of legislative guidelines and regulatory policies on digital assets.
According to the statement, the country’s Ministry of Digital Development wants to integrate the banking infrastructure with the crypto market. It also plans to facilitate the development and implementation of distributed ledger technology.”
In addition, during the meeting they discussed:
- the potential for long-term cooperation between relevant institutions in Kazakhstan and Binance in the field of digital finance
- from the implementation of cooperative education projects to blockchain technology.
In addition, the ministry and the exchange giant will work together. A collaboration to promote downtown Astana to local and global talent, by creating a regional blockchain center. In addition, the official visit of changpeng Zhao reinforces the exchange’s commitment to experiment in various fields.
Bonus: Cathie Wood’s Ark Investments resubmits bitcoin spot ETF application.
mining of crypto sustainability in Kazakhstan
As a reminder, Kazakhstan has become a key player in the Bitcoin market. (BTC) by embracing China’s mining might after the latter’s radical crackdown on the industry. Consequently, several mining companies have moved their operations to the country. This is to take advantage of cheap and abundant gas and favorable regulatory conditions.
However, the bitcoin mining boom in the country appears to be running out of steam. In fact, the influx of miners is testing thecountry power supply. A situation that led the government to restrict miners’ access to electricity.
In February, the President of Kazakhstan called for an increase in taxes on the extraction of crypto due to high power consumption. The country also cracked down on 106 minors crypto illegal, stopping their operations in the country.
To go further: Mercado Bitcoin in partnership with Stellar, for a significant contribution to the development of a CBDC in Brazil.