The National Bank of Kazakhstan and cryptocurrency exchange Binance have agreed to jointly develop a regional settlement hub in the country. It will handle international payments and money transfers, including transactions with digital assets for clients from Central Asia, CIS, and Eastern Europe.
What the agreement provides
The memorandum was signed by Deputy Chairman of the National Bank Binur Zhalenov and Head of Regional Development of Binance's global office Kirill Khomyakov. The ceremony was attended by National Bank Chairman Timur Suleimenov and exchange founder Changpeng Zhao.
The project plans to establish a separate group organization in Kazakhstan with corresponding infrastructure. To operate, it will require a National Bank license as a first-category payment organization.
What made the project possible
Implementation became possible following the digital assets regulatory reform and the emergence of a new financial market entity — a first-category payment organization.
According to the regulator's assessment, this will increase competition and create conditions for new payment and financial services.
Part of operations to move to the region
After the project launch, part of Binance's regional operations are planned to be relocated to Kazakhstan. Through Kazakhstan's jurisdiction, the company will be able to serve a significant share of clients from the region.
The National Bank expects to attract international technological expertise, increase export potential in digital financial services, and strengthen the country's position as a regional fintech hub.
Context for Uzbekistan
The neighboring republic is betting on its role as a regional crypto industry hub — an area where Uzbekistan is taking a different approach.
Here Binance operates through a partnership with a licensed local provider, while its own regulatory model is built around a sandbox for stablecoins and the central bank's wholesale digital currency.
The difference in approaches is fundamental. Kazakhstan attracts a global player as a whole, creating a separate license category for it. Uzbekistan allows foreign platforms only through local operators, maintaining control over flows.
Meanwhile, the Chairman of Uzbekistan's Central Bank previously stated that regional countries would benefit from presenting themselves to investors as a single market rather than competing for capital individually.
This material is for informational purposes only and is not an investment recommendation.