BAKU, Azerbaijan, September 7. The National
Bank of Kazakhstan and international company Binance have signed a
Memorandum of Understanding (MoU) to cooperate on the development
of a regional settlement hub of the Binance Group in Kazakhstan,
the National Bank said.
According to the National Bank, the MoU was signed by Deputy
Chairman of the National Bank Binur Zhalenov and Regional Director
for Binance covering Central and Eastern Europe
(CEE), Central Asia, and Africa.
Under the MoU, the parties intend to jointly develop a regional
settlement hub of the Binance Group in Kazakhstan focused on
international payments and money transfers, including settlements
related to transactions with digital assets of Binance's global
group clients from Central Asia, the CIS, and Eastern Europe.
"The development of this area of business in Kazakhstan has
become possible due to important legislative reforms aimed at
regulating digital asset circulation and introducing a new
financial market participant - a first-category payment
organization. These changes create additional opportunities for
increasing competition in the financial market, including through
the expansion of global companies' presence and the emergence of
new innovative payment and financial services alongside banking
services," the National Bank said.
Binance was among the first global companies to begin
implementing a project under the new regulatory framework, the bank
added.
As part of the project, Binance plans to establish a relevant
group entity in Kazakhstan and develop the necessary
infrastructure, subject to obtaining a National Bank license to
operate as a first-category payment organization. The project is
expected to transfer part of Binance Group's regional operations to
Kazakhstan and enable a significant portion of clients in the
region to be served through the Kazakh jurisdiction.
The National Bank noted that the project will create conditions
for attracting international technological expertise, unlocking
Kazakhstan's export potential in digital financial services and
strengthening the country's position as a regional hub for digital
financial technologies.
"The signing of the Memorandum is a practical step in developing
Kazakhstan's financial infrastructure and reflects the National
Bank's consistent efforts to integrate the country into the global
digital financial infrastructure," the bank said.
