Binance to set up regional office in Kazakhstan, intends to co-develop crypto legislation

Binance crypto exchange has signed an agreement with the government of Kazakhstan aimed at promoting crypto and Web3 culture. Kazakhstan’s financial monitoring agency Binance is looking to provide insight into the creation of legislation around the crypto sector. Both organizations plan to target illegal activities around the Virtual Digital Assets (VDAs) sector. According to The Block, Kazakhstan will house Binance’s regional headquarters and work on co-creating crypto regulations in the region.

Binance is working to expand crypto literacy and training programs among law enforcement officials around the world. Its center in Kazakhstan will launch this effort in a region with a large number of crypto miners.

Under the ‘Global Law Enforcement Training Program’, Binance will connect police officers from different parts of the world with skilled Web3 professionals who will train them on ways to combat potential crypto crimes as well as deal with the consequences.

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

The company has been granted relevant licenses by the Astana Financial Services Authority.

Back in May, Binance CEO Changpeng Zhao met with Kazakhstan’s President Kassym-Zomart Tokaev.

At the time, the exchange giant also signed a deal with Kazakhstan’s Ministry of Digital Development to fuel the Web3 boom.

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

Binance is coordinating with Nigeria to establish a special economic zone, supported by the crypto sector. This crypto hub in Nigeria will make it the only such institution to exist in the whole of West Africa. The initiative is also being supported by the Nigeria Export Processing Zone Authority (NEPZA).