Binance, the world’s largest cryptocurrency exchange, has inked a Memorandum of Understanding (MoU) with Kazakhstan’s Financial Monitoring Agency.
Throughout the agreement, all sides emphasized a shared desire to create a secure crypto environment in the Asian country and to reduce financial crime in the region.
The trading platform announced plans to grow in the Central Asian country in early 2022.
Gleb Kostarev, Binance’s Eastern European Director, stated at the time that citizens of Kazakhstan and several of its surrounding nations are “more devoted” to cryptocurrencies, which is why the business may expand its presence there.
The exchange achieved its aim less than two months ago when it received regulatory permission from the Astana Financial Services Authority (AFSA).
Binance Partners With Kazakhstan, Signs An MoU
Binance has announced the signing of an MoU with the Financial Monitoring Agency of the Republic of Kazakhstan. The primary goal will be to provide domestic investors with increased protection when investing in digital assets.
The partners will also monitor if criminals use cryptocurrencies in their illegal activities, such as money laundering and terrorism funding, and will restrict such assets if they are discovered.
Binance’s VP of Global Intelligence and Investigations, Tigran Ghambaryan, claims the platform has “the most sophisticated compliance mechanism in the business,” capable of spotting suspicious behavior and stopping fraudulent instances.
The Memorandum is part of Binance’s worldwide training program, which seeks to eliminate monetary crime and establish a secure atmosphere for anyone interested in working in the digital asset sector. The initiative has previously been carried out in Italy, France, Canada, the United Kingdom, Norway, Brazil, Paraguay, and Israel.
Last week, Kazakhstan’s President Kassym-Jomart Tokayev, stated that the country’s ruling body is eager to convert Kazakhstan into a worldwide cryptocurrency powerhouse.
He went on to say that the government may develop a project that would allow digital assets to be converted to cash and vice versa in a controlled and secure manner.
“Currency conversion is already being carried out at the site of the Astana International Financial Center under a special pilot project.” He said. “For this, quite innovative changes were made to national legislation and the regulatory environment. And we are ready to go further.”