Binance Focuses on Crypto Security in New MoU with Kazakhstan

An agreement is signed by Binance and Kazakhstan for the “protected growth of digital asset markets.”
A second memorandum of understanding (MoU) between Binance, a well-known cryptocurrency exchange, and Kazakhstan was inked with the intention of encouraging the “protected growth of digital asset markets” in that country of Central Asia. On October 3, 2022, in Kazakhstan’s capital city of Astana, the crypto exchange and the Financial Monitoring Agency of the country signed a Memorandum of Understanding. In a statement released on Tuesday, Binance said that the goal of the new pact is to establish “a long-term and sustainable platform for cooperation.”
According to Binance, “the main goal of the MOU is to create channels for collaboration and assistance in areas similar to sharing information about the movement of digital property, identifying and tracking property acquired through illegal means, as well as those presumed for the legalisation (laundering) of criminal proceeds and the funding of terrorism.”
The conversation also disclosed that the Memorandum of Understanding is a component of its recently launched Regulation Enforcement Training Programme, which is being implemented in the UK, Canada, Germany, France, Italy, and Norway, among other nations. The program’s objective is to support regulatory enforcement teams worldwide in their efforts to identify financial and cybercrimes.
Binance and Kazakhstan inked a Memorandum of Understanding (MoU) on distributed ledger technology development in May after Binance CEO Changpeng Zhao visited Kazakhstan. The memorandum was signed with Bagdat Musin, the head of the country’s Ministry of Digital Improvement, Innovations, and Aerospace Trade. Speaking at the meeting, Musin said that he and Zhao discussed the possibility of establishing an academy and venture capital fund with a blockchain focus to develop local talent in the country’s financial centre to the level of international standards. “We firmly think Kazakhstan has the potential to develop into a hub for global players in the cryptocurrency space,” Musin continued.
The new Memorandum of Understanding comes after Binance obtained a permanent licence to function in Kazakhstan as a provider of digital asset services. The Astana International Financial Centre (AIFC), Kazakhstan’s financial hub, is independently regulated by the AIFC Financial Services Authority (AFSA), which issued the licence. Additionally, the licence permits Binance to offer custody services at AIFC.
Binance said, “The permanent licence attests to its strong compliance and security controls and gives Binance the status of a regulated platform in Kazakhstan.” “The platform will be authorised to offer custody for cryptocurrencies, exchange trading, deposit and withdrawal of fiat currencies, and digital asset conversion and exchange services.” The government of Kazakhstan has “made significant changes to related laws and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms,” according to Gleb Kostarev, Regional Head of Binance for Asia.

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