This time, the exchange has taken a major step as it has vowed to help Kazakhstan ensure financial security is ensured for the locals.
Binance has signed an MoU
The latest reports suggest that the memorandum of understanding (MoU) has been signed between Binance and the financial regulatory authority in Kazakhstan.
The regulatory authority collaborating with Binance for the MoU is the Financial Monitoring Agency. Binance has signed the memorandum with Kazakhstan that is part of the agenda of the exchange’s law enforcement training program implemented on a global scale.
The particular program is supported and backed by law enforcement organizations and regulatory authorities from all over the world.
Their program has been put in place so that law enforcement authorities can cooperate whether on a national or an international level.
The entire effort and struggle are to be able to fight cybercrime as well as the financial crime that is constantly impacting the cryptocurrency sector.
Program Expands to Digital Assets
As part of the program, law enforcement authorities would also be provided with knowledge and information about digital assets.
This way, the authorities would know which digital assets are involved in criminal and illicit activities and block them from getting laundered. This would also help put tabs on the elements responsible for financing terrorism.
Kazakhstan is Pro in Crypto Adoption
When it comes to crypto adoption, many have found Kazakhstan to be highly motivated and ambitious. It is among the countries that have welcome cryptocurrencies and have directed their adoption of cryptocurrencies toward the mining sector.
The country is highly fond of mining Bitcoin (BTC) with aim of generating strong revenues for the country. Most importantly, the country wants the public to be able to benefit from the adoption of cryptocurrencies.
For this purpose, the country wants to mine as many Bitcoin as possible. The country has adopted renewable energy means in order to run mining operations in the country.
Kazakhstan Wants to Fight Financial Crime
However, with the increase in cryptocurrency adoption, crypto frauds have also increased significantly. It has become important to deal with the growing number of crypto crimes across the board to make cryptocurrencies a safe financial system.
The country has allowed the exchanges to open up their accounts at the local banks. The country aims to fully legalize cryptocurrencies in the country to make them more useful and adaptable for the locals.
However, to achieve this, the country needs a strong regulatory framework as well as strengthened enforcement to fight crypto crimes, where Binance is offering its helping hand.
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