Kazakhstan and Binance agree to develop stablecoin and crypto payments
Kazakhstan and Binance are expanding their cooperation in digital assets, with plans to jointly work on issuing a stablecoin, developing crypto payments and launching new financial services. At the same time, Binance Pay is partnering with Alatau City Bank to develop payment infrastructure in the country.
According to a press release, the agreements were reached in Astana during a meeting between Kazakhstan's Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev and Binance founder Changpeng Zhao.
The parties discussed the development of the digital economy, new technologies and computing infrastructure. Following the meeting, Binance signed two memorandums — one with the Ministry of Artificial Intelligence and Digital Development and another with the Astana International Financial Centre.
Kazakhstan and Binance to work on stablecoin
The first memorandum provides for cooperation in digital assets, computing infrastructure and payment solutions. One of the key areas will be work on issuing a stablecoin in Kazakhstan.
The parties also plan to develop payments using digital assets, explore tax and judicial approaches to the industry and launch new financial products and services.
"Today, Kazakhstan is moving to the next stage in the development of the digital asset market — from building a regulatory environment to creating infrastructure and practical solutions," Madiyev said.
The second memorandum covers cooperation under the Astana International Financial Centre's Investment Tax Residency Program.
Binance Pay partners with Alatau City Bank
Another area of cooperation is the integration of Binance Pay with Alatau City Bank. The partnership is expected to expand the use of digital assets for payments and connect Binance's crypto infrastructure with banking services in Kazakhstan.
During the visit, Zhao was also presented with the CryptoCity concept in Alatau City and the Data Center Valley project. The former is intended to become a hub for digital financial services, while the latter focuses on developing computing infrastructure and strengthening Kazakhstan's position as a regional artificial intelligence hub.
Zhao noted the pace of the country's digital economy development and the combination of technology, education and infrastructure projects. Kazakhstan's authorities aim to move from establishing rules for digital assets to their practical use in payments and financial services.
The expanded cooperation comes as Binance develops products beyond the crypto market itself. The exchange recently gave users outside the U.S. access to options on more than 1,000 U.S. stocks and ETFs through its Abu Dhabi unit and U.S. broker Alpaca Securities.
Earlier, we reported that Binance launched a Trading Festival for altcoin traders with a 300,000 USDC prize pool in vouchers. The campaign offers rewards to users for trading selected digital assets.
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