Binance will create a center for international payments and transfers in Kazakhstan

The National Bank of Kazakhstan and the international company Binance have signed a Memorandum of Understanding. The signing ceremony was attended by Timur Suleimenov, Chairman of the National Bank, and Changpeng Zhao, founder of Binance.

The Memorandum was signed by Binur Zhalenov, Deputy Chairman of the National Bank, and Kirill Khomyakov, Head of Regional Development and Operational Activities at Binance's Global Office.

The Memorandum formalizes the parties' intention to jointly develop in Kazakhstan a regional settlement hub for the Binance group, focused on servicing international payments and money transfers, including settlements for transactions involving digital assets of clients of the global Binance group from Central Asia, the CIS, and Eastern Europe.

The development of this business direction in Kazakhstan has become possible due to legislative reforms conducted in the field of regulating the circulation of digital assets and the introduction of a new subject of the financial market — a first-category payment organization.

These changes create additional opportunities for the development of competition in the financial market, including by expanding the presence of global companies and introducing new types of payment and financial services alongside banking services. One of the first global companies to begin implementing the project under the new regulation was Binance.

As part of the project, it is planned to create a corresponding Binance group organization in Kazakhstan and the necessary infrastructure, obtaining a license from the National Bank to conduct activities as a first-category payment organization.

The implementation of the project will allow transferring part of the regional operations of the Binance group to Kazakhstan and ensuring the servicing of a significant portion of regional clients through the Kazakhstani jurisdiction. This will create conditions for attracting international technological competencies, realizing the country's export potential in the field of digital financial services, and strengthening Kazakhstan's position as a regional center for digital financial technologies.

The signing of the Memorandum is a practical step in the development of Kazakhstan's financial infrastructure and reflects the consistent work of the National Bank to integrate the country into the global digital financial infrastructure.

Source: nationalbank.kz