Cryptocurrency exchange Binance has signed a memorandum of understanding (MoU) with Kazakhstan's Ministry of Digital Development, Innovations and Aerospace Industry as the exchange is seeking opportunities to expand its services in the region.
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The exchange said in a blog post that as part of the MoU it will support Astana Hub among "local and international talent, which will allow the creation of a regional blockchain hub." Binance CEO Changpeng Zhao says Kazakhstan is "one of the world leaders in the crypto mining industry." He added:
"The country was one of the first in the world to introduce the legalization of mining. We believe that, in full cooperation with the local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan."
While it's unclear how exactly Binance wants to profit from the partnership, it said that the MoU will help it to integrate banking infrastructure within the cryptocurrency market.
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