Binance Signs MoU with Ministry from the Republic of Kazakhstan

Binance, a major cryptocurrency exchange, announced on Wednesday that it had signed a Memorandum of Understanding (MoU Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) with the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan.

According to the press release, both parties highlighted the importance of cryptocurrency development in the country. Changpeng Zhao’ CZ’, the CEO of Binance, signed the MoU during his visit to Kazakhstan. On 25 May, CZ visited Kazakhstan and met with Kassym-Zhomart Tokayev; Timur Suleimenov, the First Deputy Chief of Staff of the President of Kazakhstan; and Bagdat Musin, the Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan.

“As a global leader among crypto exchanges, Binance takes responsibility for the whole ecosystem. Together with CZ, we considered the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-oriented VC-fund and academy to help local talents from Astana Hub to go global. We really believe Kazakhstan can become a regional hub for international players in the crypto world,” Musin commented.

Binance will assist in establishing a legislative framework and a regulatory policy for crypto-assets in Kazakhstan. A cooperation agreement between Binance and the Ministry of Digital Development, Innovations and Aerospace Industry of Kazakhstan also calls for the integration of banking infrastructure within the cryptocurrency market and the development of distributed ledger technology.

Astana Hub is supported by the Ministry of Economy and Binance, which will help develop the region’s blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term ecosystem.

Binance in France

Early this month, Binance France was granted a Digital Asset Service Provider (DASP) registration by the Autorité des marchés financiers (AMF) with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The AMF regulates and protects the French financial markets and ensures investors’ financial literacy. The ACPR is an independent agency that monitors banks and insurance companies in France. Under the supervision of AMF and ACPR, Binance France will be able to operate in France with the DASP registration.