Binance Signs MoU With Kazakhstan Govt.

Binance is looking to promote the cryptocurrency scene in Kazakhstan in tandem with the country’s authorities, as it signs a Memorandum of Understanding with the Kazakh Financial Monitoring Agency (FMA). The MoU will ensure combined efforts from both parties to ensure mutual benefits of the crypto industry.

MoU between Binance and FMA will help promote the Kazakh crypto scene

Binance disclosed the agreement in an announcement Monday on its official website, with CEO Changpeng Zhao highlighting it on Twitter. Per the announcement, both Binance and the FMA of Kazakhstan are equally interested in developing the Kazakh cryptocurrency industry.

The MoU will help ensure cooperation between Binance and the financial authorities of Kazakhstan. Generally, this cooperation and mutual understanding will help support and sustain the country’s cryptocurrency industry.

Global economies have created an unconducive environment for cryptocurrencies. Kazakhstan’s MoU with Binance will help address this growing pattern within the former Soviet member state.

A mutual benefit to both parties should the industry burgeon has prompted the shared interest. Representatives from both entities were in attendance in the meeting to sign the MoU for proper understanding. The meeting saw personalities such as Chairman of the FMA, Zhanat Elimanov, along with other FMA members. Representatives from Binance were also in attendance.

Kazakhstan has shown interest in regulating crypto of late

In addition to ensuring a favourable climate for cryptocurrencies to thrive in Kazakhstan, the MoU will also check illegal crypto-related activities. Chagri Poyraz, Head of Global Sanctions at Binance, disclosed a report on this during the meeting.

Binance has the most robust compliance program in the industry, including anti-money laundering (AML) and global sanctions principles, as well as tools to proactively detect suspicious accounts and fraudulent activity,

said Tigran Ghambaryan, VP of Global Intelligence and Investigations at Binance.

Furthermore, Ghambaryan expressed the Binance team’s appreciation to the FMA of Kazakhstan for the development. He highlighted the agency’s cooperation and their dedication to promoting the Kazakh crypto scene.

Kazakhstan has shown a massive interest in properly regulating the cryptocurrency industry of late. The country’s attention in the scene is indicative of the growing rate of adoption. Last week, Coingape reported Kazakhstan’s move to present its first draft law on cryptocurrency and cryptocurrency mining.

Russia also recently amended its energy agreement with Kazakhstan. The review of the agreement will enable Russia supply electricity to Kazakhstan for cryptocurrency mining, to address its energy situation.