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Binance in Expansion Mode, Signs MoU With Kazakhstan Ministry

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  • Binance signs an MoU with the Ministry of Kazakhstan to explore opportunities in the crypto space.
  • Binance will help the country build a blockchain hub in the Astana Hub IT park.
  • Within the agreement, both parties voiced interest in developing the region’s digital asset market.

Binance, the world’s leading crypto exchange by trading volume, mentioned in its latest blog post signing a Memorandum of Understanding (MoU) with Kazakhstan‘s Ministry of Digital Development, Innovation and Aerospace Industry as they explore opportunities to augment its service in that country.

— President Kassym-Jomart Tokayev’s Press Office (@AkordaPress) May 25, 2022

The dooming and glooming market could not hinder Binance’s expansion mode. Besides signing this MoU, the exchange also secured the position of its coin as the fourth largest crypto in the world and obtained Virtual Assets License in France, Dubai, Bahrain, and Abu Dhabi recently, now aiming for Germany.

Obtaining licenses in some of the aforementioned jurisdictions has enabled Binance Coin (BNB) to strengthen its existence and value in the market. Regulatory scrutiny in several regions, including the US and UK, has failed to deter the Changpeng Zhao-led exchange’s growth, contrary to what was predicted by some industry experts.

Binance stated that the agreement with the Republic of Kazakhstan enunciated the interest of both parties in integrating banking infrastructure within the crypto market and help develop the legislative framework and regulatory policy for virtual assets in the country. It further emphasized the implementation of joint education programs on blockchain technologies and the possibility of forming a regional blockchain hub.

Growing crypto adoption around the world, to have a positive impact on society as a whole, is one of our primary goals.

The Binance CEO further added, “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.”

Furthermore, the exchange also expects to register itself as a crypto asset firm in the world’s largest cryptocurrency hub, London, within the next year.

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