Kazakhstan to form Bitcoin regulations with Binance

Sahana Kiran
Source – Wallpaper Abyss

Bitcoin [BTC] and other cryptocurrencies are slowly making their way into several governments as the entire globe takes on digitalization. From Turkey to Paraguay, an array of countries have been stepping up and trying to regulate the market further making it safer for the common man. Kazakhstan seemed to be taking a huge leap into the market by signing a memorandum of understanding [MOU] with prominent crypto exchange Binance.

An MOU was signed between the Kazakhstan Ministry of Digital Development, Innovations and Aerospace Industry and Binance. Through this, the crypto exchange would reportedly aid the country in formulating and rolling out regulations governing Bitcoin and other crypto assets.

Changpeng Zhao has been traveling around the world trying to accelerate Binance’s growth. During his trip to Kazakstan, he went on to meet the President of Kazakhstan Kassym-Zhomart Tokayev, First Deputy Chief of Staff of the President of Kazakhstan, Timur Suleimenov, and Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan, Bagdat Musin.

Elaborating on Binance’s presence in the country, the Minister of Digital Development, Innovation, and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin further stated,

“Together with CZ, we considered the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-oriented VC fund and academy to help local talents from Astana Hub go global. We really believe Kazakhstan can become a regional hub for international players in the crypto world.”

Kazakhstan, the next Bitcoin mining hub?

Following China’s big crypto crackdown, an array of Bitcoin miners moved to different parts of the globe. However, Kazakhstan’s abundant fuel lured major players into the region. With mining giants like BTC.com and Canaan calling Kazakhstan their home, the government seemed to be trying to understand the market better.

Detailing on the same CZ further stated,

“Kazakhstan is one of the world leaders in the crypto mining industry. The country was one of the first in the world to introduce the legalization of mining. We believe that, in full cooperation with the local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan.”

Additionally, with better regulations in place, Kazakhstan is expected to emerge as a prominent crypto hub.