Binance has announced its plan to help Kazakhstan regulate the #crypto space. The country has seen the rise of crypto exchanges and there has been a push to legitimize and regulate them.
Binance is currently the biggest exchange in the world and it has the resources to help Kazakhstan step by step implement these changes. Binance has also made an effort to work with other government agencies to facilitate the regulatory process in other countries.
Binance , the world’s largest crypto exchange, wants Kazakhstan to develop its growing crypto industry in response to growing interest in the space. Cryptocurrency has exploded in Kazakhstan and the government hopes their partnership with the exchange will help alleviate concerns of volatility and money laundering, as well as expanding the country’s growing blockchain industry.
Cryptocurrencies have taken the world by storm with their decentralized, trustless nature. Some have criticized it while others lauded it. One thing they all generally agree on is the fact that cryptocurrencies are not regulated. Many countries have begun to take steps to regulate its use.
Kazakhstan has decided to take a step in that direction by using the expertise of the Binance cryptocurrency exchange in an effort to develop regulatory frameworks for the cryptocurrency space. The Kazakhstani crypto space has grown tremendously in recent years. The country ranks 5th in the world in cryptocurrency trades per Financial Times . In the hope that Binance can also help them in their efforts.
Binance, recently announced a $1 million donation to the government of Kazakhstan in order to help them in their efforts to regulate its burgeoning crypto space as the fourth largest nation in the world by landmass moves to become one of the most crypto friendly countries in the world.
Binance CEO, Changpeng “CZ” Zhao has stated, “We want to be one of the ambassadors of the blockchain technology in the world. We want to be one of the ambassadors of the technology for helping countries that are very friendly to blockchain, to be compliant to regulation, to do proper licensing for their business, to make sure their customers are happy.”