Kazakhstan Legalizes Crypto and Signs MoU with Binance

An MOU between Binance and the Financial Monitoring Agency of Kazakhstan has been signed.

Both groups discussed how they would want to see the nation’s virtual asset markets develop in a secure environment and how they might work together to create a sustainable infrastructure for doing so. The Agency of the Republic of Kazakhstan on Financial Monitoring’s head, Zhanat Kaldybekovich Elimanov, signed the MoU with Binance’s representatives. The reason for signing was to establish a framework for mutual support regarding the circulation of cryptoassets and the exchange of information regarding the establishment and blocking of virtual assets obtained through criminal means. Binance has the industry’s best compliance policy, including anti-money laundering (AML) and international sanctions principles, as well as the ability to proactively detect dubious accounts and fraudulent actions. 

Binance’s Vice President of Global Intelligence and Investigations Tigran Ghambaryan recently presented a study titled “Cryptosphere Investigations.” In a recent study titled “Sanctions Evasion Using Crypto, Suppression of Criminal Operations,” Binance’s global sanctions department head Chagri Poyraz discussed these issues. 

To better combat cyber and financial crimes, the program seeks to strengthen ecosystem engagement with local and international authorities. By adhering to stringent compliance and AML protocols and cooperating with law enforcement, Binance has recently gained certification and registration in France, Italy, and Spain. 

Kazakhstan Crypto Background

Kazakhstan’s president, Kassym-Jomart Tokayev, said on September 28 that the country is prepared to legalize a cryptocurrency-to-cash conversion mechanism. At Digital Bridge 2022, Tokayev said that Kazakhstan would become a global leader in blockchain technology, cryptocurrency, and regulated mining. 

According to him, the Astana International Financial Center would be the testing ground for a crypto exchange that the Kazakh government has suggested legislative modifications for. Tokayev has predicted that if this kind of financial instrument can demonstrate its worth and safety, it will be legitimized. 

According to reports, Eurasian Bank and Intebix completed the institution’s first controlled crypto purchase using fiat. Thanks to this precedent, Kazakhs may now use their native currency, the tenge, to buy bitcoin. There is also ATAIX and the two largest banks in Kazakhstan (Halyk Bank and Altyn Bank).