ASTANA – Binance, the world’s leading cryptocurrency and blockchain infrastructure provider, and the National Bank of Kazakhstan presented a bilateral report on the state of the digital assets industry and DeFi (decentralized finance) in Central Asia at the Digital Almaty forum on Feb. 3, reported the forum’s press service.
Binance and the National Bank are working to overcome key challenges common in the crypto space, including the knowledge-gap assessment of decentralization and differing jurisdictions.
“Traditional and decentralized finance should co-exist and develop in tandem to provide better financial infrastructure. Together, they must satisfy consumer demand for a more inclusive, cost-effective, convenient, and faster service,” Director of Governmental Relations in CIS for Binance Olga Goncharova said.
The report emphasizes the importance of financial and digital literacy to reduce risks. It focuses on developing regulations and law enforcement agencies to build a relevant capacity for regulatory design and further oversight.
Chairman of the Center for the Development of Payments and Financial Technologies of the National Bank Binur Zhalenov said he believes in the potential of blockchain technology and Kazakhstan in this exciting new market. According to him, the industry presents many opportunities stemming from the synergy of traditional and decentralized finance, regulators, and the market. However, the country seeks to create a healthy, balanced regulatory environment for cryptocurrencies and digital assets that ensures their innovative potential.
“We want to protect consumer rights and preserve macro-financial stability. All in all, we hope the report provides a useful framework and stimulates the collaborative work of regulators and the market in blockchain and decentralized finance,” said Zhalenov.
According to Binance CEO and co-founder Changpeng Zhao, Kazakhstan has great potential to become a regional crypto hub.
“Kazakhstan’s Digital Tenge Central Bank Digital Currency (CBDC) initiative is one of the most advanced in terms of CBDC development globally. Binance is delighted to assist CBDC implementation by promoting the BNB Chain environment for testing CBDC integration. We hope it can further help bridge the gap between traditional banking and the crypto ecosystem,” he said.