Giant Crypto exchange Binance has reportedly put the ink on a memorandum of understanding (MOU) with the Kazakhstan authority, in a bid to streamline “virtual asset market development” locally. 

Specifically, The signing of the MOU between Binance and Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, reportedly commenced on May 25th, at Changpang Zhao’s official trip to the nation. 

The current Head of Binance reportedly held a meeting with Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Suleimenov and Bagdat Musin – the minister in charge of oversight for the nation’s digital innovation strategy.

Under the scope of the MOU, Binance is reportedly going to provide assistance to Kazakhstan, regarding the development of legislative guidelines and regulatory policies catering to crypto assets. 

The Ministry of Digital Development, Innovations and Aerospace Industry will additionally “seek opportunities to integrate banking infrastructure within the cryptocurrency market”, as well as supporting blockchain growth, per official statement.

Kazakhstan has reportedly putting in efforts to gain a reputation of a pivotal player in the Bitcoin (BTC) scene, since taking over Chinese mining capacity after the incident of Beijing’s wholesale crackdown on the sector. 

Particularly, China-based Bitcoin mining establishments Canaan and BTC.com reportedly had to set up their shops outside of the nation to gain profit from cheap and abundant fuel, together with favorable regulatory conditions.

Nonetheless, Kazakhstan’s Bitcoin mining increase seems to carry unsustainability nature, with the influx of miners put a straining on the nation’s energy supply, which consequently led to the authority’s reduction of their access to power. 

In early May, the authority disclosed details claiming that it would be compulsory for every Bitcoin miner to complete the submission of comprehensive reports regarding their power consumption.