Binance and the National Bank of Kazakhstan present the bilateral report “S...

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February 3, 2023, Almaty, Kazakhstan — Binance and the National Bank of Kazakhstan today presented a bilateral report on the state of the digital asset and DeFi industry in Central Asia . The presentation of the report took place during the “Digital Almaty 2023” forum.  

The event was attended by President of the Center for Development of Payments and Financial Technologies of the National Bank, Binur Zhalenov, Director of Government Relations of Binance in the CIS, Olga Goncharova, and General Director of Binance in Kazakhstan, Zhaslan Madiyev.

This joint report analyzes cryptocurrency adoption, general trends in DeFi, and the local digital asset industry. It also includes the regulatory landscape of the CIS countries, along with the main trends that require close regulatory monitoring.

The key is investing in the Ecuador Mobile Number List skills and technologies necessary to understand the challenges and opportunities presented by DeFi. Additionally, it includes the provenance of data used by oracles to support smart contracts and irrational user behavior.  

Binance and the National Bank of Kazakhstan are working together to overcome the main common challenges faced in the world of cryptocurrencies. From assessing knowledge gaps on decentralization to different jurisdictions, inconsistencies were addressed together.

“Traditional and decentralized finance should coexist and thrive together to provide better financial infrastructure. Together, they must meet consumer demand for faster, more cost-effective, convenient and inclusive service.

In collaboration with industry representatives and traditional financial intermediaries, regulators must formulate a “game plan” for DeFi regulation. This plan must focus on a flexible framework, as well as deploy a wide network to cope with rapid technological advancement, paying attention to transparency, governance and accountability,” says the Director of Government Relations of Binance in the CIS, Olga Goncharova.

«We believe in the potential of blockchain technology and Kazakhstan in this exciting new market. We see many opportunities arising from the synergy of traditional and decentralized finance, regulators and the market. We also seek to create a regulatory environment for cryptocurrencies and digital assets that is healthy and balanced and ensures their innovative potential.
       


At the same time, we want to protect consumer rights and preserve macro-financial stability. All in all, we hope that the report provides a useful framework and stimulates collaborative work of regulators and the market on blockchain and decentralized finance,” says President of the Center for the Development of Payments and Financial Technologies of the National Bank, Binur Zhalenov. .

The joint report highlights the importance of financial and digital education to reduce risks. Likewise, he highlighted the need to expand the specialization of regulatory and law enforcement agencies to create relevant capacity for regulatory design and subsequent supervision.

Binance CEO and co-founder Changpeng Zhao noted in his welcome speech:

«On a global scale, we recognize that Kazakhstan has enormous potential to become a regional cryptocurrency hub. Its Digital Tenge CBDC initiative is one of the most advanced in the world in terms of developing a CBDC. At Binance we are happy to assist in the implementation of the CBDC by fostering the BNB Chain environment to test the integration of the CBDC. “We hope it can help further bridge the gap between traditional banking and the cryptocurrency ecosystem.”