Crypto exchange Binance has signed a Memorandum of Understanding, or MOU, with the government of Kazakhstan to promote the development of the virtual asset market in the Central Asian country.
The Memorandum of Understanding (MoU) between Binance and Kazakhstan's Ministry of Digital Development, Innovations and Aviation Industry was signed Wednesday, during Zhang Pingzhao's official visit to the country. The CEO of Binance met with Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Selimnov and Minister overseeing the country's digital innovation strategy Bagdat Mosin.
Within the framework of the work, Binance Kazakhstan will assist in developing legislative guidelines and regulatory policies for crypto assets. The Ministry of Digital Development, Innovations, and the Aviation Industry will also seek opportunities to integrate banking infrastructure into the cryptocurrency market and facilitate the development of blockchain technology, according to the official statement.
Kazakhstan has emerged as a pivotal player in the Bitcoin (BTC) economy since absorbing Chinese mining capacity in the wake of Beijing's sweeping ban on the industry. Chinese bitcoin miners Canaan and BTC.com have moved their operations to the country to take advantage of cheap and abundant fuel, as well as favorable regulatory conditions.
However, the Bitcoin mining rush in Kazakhstan appears to have been unsustainable, as the influx of miners strained the country's energy supply and prompted the government to limit their access to energy. Earlier this month, the government announced that all Bitcoin miners will be required to provide comprehensive reports on their energy consumption.
