Binance will Assist Kazakhstan to Regulate the Country’s Crypto Space.

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Kazakhstan has become the major mining hotspot, after China cracked down on its crypto mining industry last spring. To deal with this issue of a growing power deficit, the government has planned to introduce differentiated tax rates depending on the cost of the consumed electrical energy. Further the government has approved the necessary Tax code on first reading in the Mazhilis, the lower house of the parliament. 

Crypto exchange Binance will assist the government of Kazakhstan to put up the efforts for  regulating the crypto space in the country. Binance, the world’s leading crypto exchange by trading volume, has signed its memorandum of understanding with Kazakhstan’s Ministry of Digital Development, Innovation and Aerospace Industry. 

The major crypto platform and department will collaborate in the crypto space. Binance CEO Chnagpeng Zhao signed the memorandum during his visit to the central Asian nation, while the crypto news outlet Forklog revealed. Zhao met with high-ranking government officials, including the head of the digital development ministry Bagda Musin and President Kassym-Jomart Tokayev, In Kazakhstan. 

The Binance will further advise the country on the cryptocurrency regulations, summarized by the report. The report also briefs that the Ministry of Digital Transformations and the exchange will also act on the integration of Kazakhstan’s banking infrastructure with the crypto market..

Binance and the ministry have further agreed to join forces in support of Astana International Financial Center (AIFC), which is the Financial hub of the capital city Nur-Sultan, formerly Astana. The Musin, stated that they have discussed the possibility of creating the blockchain-focused venture fund and an academy to help local talent from the Astana Hub reach the global level. 

The Country’s National Association of Blockchain and Data Center Industry has revealed that the domestic commercial banks will be permitted to open accounts for crypto trading platforms registered at the hub as part of the pilot project. Whereas the country wants AIFC to become the base for  regulated cryptocurrency exchnages.