Kazakhstan Signs MoU With Binance For Global Cooperation

The Financial Monitoring Agency of the Republic of Kazakhstan has signed a Memorandum of Understanding (MoU) with the international cryptocurrency exchange Binance as part of global training for officials.

The goal of the MoU partnership is to foster cooperation and mutual support amongst the parties involved in terms of exchanging information and circulating digital assets.

While the program aims to boost ecosystem cooperation with national and international law enforcement agencies around the world to fight cyber crimes and financial crimes, it also serves to identify and block cryptocurrencies that were obtained illegally. This is especially for those digital assets which are used to launder money and finance terrorism.

Both Binance and Kazakhstan have shown ‘mutual interest in a long-term, sustainable platform for communication as well as the safe growth of virtual asset markets in the nation in the agreement.’ 

The cryptocurrency exchange has involved several countries in its global training program for officials of law enforcement agencies and regulatory bodies.

Presently, the program had been conducted in over eight countries including Israel, Canada, Brazil, France, Germany, Italy, the United Kingdom, and Norway.

Before the program commenced in September, Binance’s investigation team already led workshops for law enforcement. 

Kazakhstan Bullish on Digital Assets

Kazakhstan has been an avid enthusiast of crypto for a while now. It remains one of the fastest-growing crypto hotspots in the world especially because of the tax haven that it provides for crypto miners even though Kazakhstan President Kassym-Jomart Tokayev says he sees no benefit in crypto mining. 

The previous year, its senate passed a legislative bill to regulate digital assets service providers in the country.

These digital assets service providers were subjected to Anti-money laundering (AML) procedures and know-your-customer (KYC). This year, the country signed an MoU with Binance to push digital education and bring about innovative regulations in the digital assets ecosystem. 

During the signing of this MoU, Binance CEO Changpeng Zhao said;

“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.”