Cryptocurrency exchange Binance will assist the government of Kazakhstan in efforts to regulate the country’s crypto space. The global coin trading platform will also help with the integration of the domestic banking system with the expanding digital assets market.
Binance, the world’s leading crypto exchange by trading volume, has signed a memorandum of understanding with Kazakhstan’s Ministry of Digital Development, Innovation and Aerospace Industry. The major crypto platform and the department will collaborate in the crypto space.
The memorandum was signed during a visit of Binance CEO Changpeng Zhao to the Central Asian nation, the crypto news outlet Forklog revealed, quoting the company. In Kazakhstan, Zhao met with high-ranking government officials, including the head of the digital development ministry Bagdat Musin and President Kassym-Jomart Tokayev.
According to the report, Binance will advise the country on the regulation of cryptocurrencies. The Ministry of Digital Transformation and the exchange will also seek a solution allowing the integration of Kazakhstan’s banking infrastructure with the crypto market, the document details.
After China cracked down on its crypto mining industry last spring, Kazakhstan became a major mining hotspot, but the influx of miners has been blamed for a growing power deficit. To deal with the issue, the government plans to introduce differentiated tax rates depending on the cost of the consumed electrical energy. The necessary amendments to the Tax Code were approved this week on first reading in the Mazhilis, the lower house of parliament.
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