Binance to Set Up Regional Office in Kazakhstan, Intends to Co-Develop Crypto Laws

Binance has been taking efforts to expand its crypto literacy and training programme among law-enforcement officers around the world.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 3 October 2022 19:39 IST

Photo Credit: Unsplash/ Vadim Artyukhin

Binance entered the Kazakhstan market just two months ago, in August

Highlights

Binance is also working a regional hub in Nigeria
The crypto exchange aims to train law enforcement officers
Binance is also looking to enter Japan market

Binance crypto exchange has signed an agreement with the government of Kazakhstan intending at fostering the crypto and Web3 culture. Kazakhstan's Financial Monitoring Agency is looking to have Binance provide insights on framing laws around the crypto sector. Both the entities plan to target illicit activities around the virtual digital assets (VDAs) sector. As per The Block, Kazakhstan will house Binance's regional headquarters and work on co-creating crypto regulations in the region.

Binance has been taking efforts to expand its crypto literacy and training programme among law-enforcement officers around the world. Its hub in Kazakhstan will usher this effort in the region, which houses a big number of crypto miners.

Under the ‘Global Law Enforcement Training Programme', Binance will connect police officers in different parts of the world to skilled Web3 professionals who would run trainings on ways to combat potential crypto crimes as well as ways to tackle the aftermath.

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Binance, which aims to become the most licenced crypto exchange in the world, entered the Kazakhstan market just two months ago, in August.

The company was granted the relevant licences by the Astana Financial Services Authority.

Back in May, Binance CEO Changpeng Zhao had met Kazakhstan president Kassym-Zhomart Tokayev.

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At the time, the exchange giant had also entered an agreement with the Ministry of Digital Development of Kazakhstan to bolster Web3 boom.

Meanwhile, Zhao has shared his excitement on the development with his seven million Twitter followers.

Today #Binance signed an MoU with the Agency of the Republic of Kazakhstan for Financial Monitoring:flag-kz:

The signing took place as part of the implementation of our global law enforcement training program, as we fight together against cyber and financial crimes globally. https://t.co/l29rNDv571
— CZ :large_orange_diamond: Binance (@cz_binance) October 3, 2022

Binance is also coordinating with Nigeria to establish a special economic zone, powered by the crypto sector. This crypto hub in Nigeria will make for the only such entity to exist in all of West Africa. This initiative is also being supported by the Nigeria Export Processing Zones Authority (NEPZA).

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Further reading: Cryptocurrency, Binance, Changpeng Zhao, Kazakhstan, Crypto Mining

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More