Binance to establish first-category payment organization in Kazakhstan
Global cryptocurrency exchange Binance is preparing to set up a first-category payment organization in Kazakhstan, aiming to serve both the CIS and Eastern European markets, Qazinform News Agency quotes Deputy Governor of the National Bank Binur Zhalenov as saying on the sidelines of the Central Asia FinTech Summit.
According to him, payment institutions have been operating in Kazakhstan for nearly a decade, but their scope has been limited. The new licensing framework will expand their capabilities significantly, allowing them to issue payment cards, serve legal entities independently, nd conduct cross-border transactions.
Licensing for first-category payment institutions is scheduled to begin on October 21. Zhalenov noted that 13 organizations, including major fintech companies, have expressed interest. He reminded that Binance had already signed a memorandum with the National Bank of Kazakhstan last week.
Chairperson of the National Payment Corporation, Zhanar Samayeva, highlighted that licensed organizations will gain access to the national payment infrastructure, enabling them to open and manage accounts for legal entities.
Telecom operators and several payment firms are also exploring the opportunity of being licensed, Zhalenov added.
Earlier, it was reported that Kazakhstan’s Deputy Prime Minister – Minister of AI and Digital Development Zhaslan Madiyev held a meeting with Binance founder Changpeng Zhao in Astana.