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.
