Binance and Kazakhstan's National Bank Partner on Digital Asset Services
Kazakhstan's National Bank has signed a memorandum of understanding (MoU) with Binance to expand digital asset services in the country. The MoU, which was signed on September 4, allows Binance to apply for a Category 1 non-bank Payment Service Provider license.
This license enables Binance to build infrastructure for converting between digital assets and fiat currency, processing payments, and facilitating transactions. However, it explicitly does not allow deposit-taking or lending.
The discussions also touched on the possibility of a local stablecoin being issued by Kazakhstan. A stablecoin could serve as the connective tissue between the country's fiat system and the broader digital asset ecosystem, particularly for cross-border transactions with neighboring Commonwealth of Independent States nations.