Binance to Advise on Crypto Strategy as Kazakhstan Looks to Boost Industry

by Abiodun Oladokun
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Binance to Advise on Crypto Strategy as Kazakhstan Looks to Boost Industry

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Binance, the world’s largest crypto exchange, will help Kazakhstan develop digital assets regulation as the central Asian country looks to develop its crypto industry beyond bitcoin (BTC) mining.

  • Binance will also try to “integrate banking infrastructure within the cryptocurrency market,” and help with the country’s blockchain strategy, according to a post on its official blog.
  • It will work with the country’s digital ministry to make IT park Astana Hub into a regional blockchain hub, the post said.
  • Kazakhstan is one of the world’s biggest bitcoin mining powerhouses, but its mining industry has been struggling to deal with electricity shortages. The government has turned to developing its crypto and blockchain industry beyond mining, including attracting new firms to its finance hub, the Astana International Financial Centre (AIFC).
  • The central bank also confirmed to CoinDesk a March amendment to a law that allows banks to service crypto exchanges established in the AIFC.
  • The advisory role is a turnaround for Binance, which last year drew ire from regulators around the world. The company has since been beefing up its compliance team and efforts to assuage their concerns.
  • Binance founder and CEO Changpeng “CZ” Zhao met Kazakh President Kassym-Jomart Tokayev, as well as Minister of Digital Development, Innovation and Aerospace Industry Bagdat Musin and the president’s First Deputy Chief of Staff Timur Suleimenov on Wednesday, according to the post.
  • “Together with CZ, we considered the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-oriented VC-fund and academy to help local talents from Astana Hub to go global,” Tokayev said according to the blog post.

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