Key Insights:
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This week, crypto exchange Binance signed an MOU with Kazakhstan, undeterred by the crypto winter.
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Binance has recently obtained licenses in Abu Dhabi, Bahrain, Dubai, and France, while targeting Germany.
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Expansion mode has delivered strong Binance Coin (BNB) support, now the fourth largest crypto on CoinMarketCap.
Leading crypto exchange Binance is in expansion mode. This year, Binance has not only obtained licenses in Abu Dhabi, Bahrain, and Dubai but also in France, with an eye on Germany. Progress on obtaining licenses in some key jurisdictions has delivered strong Binance Coin (BNB) price support.
The market doom and gloom and the collapse of TerraUSD (UST) and Terra LUNA have not slowed Binance down. Regulatory scrutiny in several jurisdictions, including the US and the UK, has also failed to deter Binance from expanding globally.
Binance Signs Memorandum of Understanding with Kazakhstan
On Wednesday. Binance announced it signed a Memorandum of Undertaking (MoU) with the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan.
Within the agreement, the parties voiced interest in developing Kazakhstan’s virtual asset market.
According to the announcement, Binance CEO CZ visited Kazakhstan and met with Kazakhstan President Kassym-Jomart Tokayev and other ministers.
The agreement will give Binance an advisory role in developing a legislative and regulatory framework for crypto assets. The announcement went on to say that the Ministry of Digital Development, Innovations and Aerospace Industry and Binance will explore opportunities to,
“Integrate banking infrastructure within the cryptocurrency market and facilitate the development and implementation of distributed ledger technology.”
Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin said,
“As a global leader among crypto exchanges, Binance takes responsibility for the whole ecosystem. 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.”
He added,
“We really believe Kazakhstan can become a regional hub for international players in the crypto world.”
Changpeng Zhao (CZ), founder and CEO of Binance, said,
“Growing crypto adoption around the world, to have a positive impact on society as a whole, is one of our primary goals. Kazakhstan is one of the world leaders in the crypto mining industry. The country was one of the first to introduce the legalization of mining.”