Binance is deepening its footprint in Central Asia. According to reports from CryptoBriefing, on September 4, Binur Zhalenov, Deputy Chairman of the National Bank of Kazakhstan, signed a Memorandum of Understanding (MOU) with Binance, moving the exchange closer to obtaining the newly established 'First-Class Non-Bank Payment Service Provider (PSP)' license in Kazakhstan.
Three MOUs Signed on the Same Day, CZ Attends in Person
The MOU with the National Bank was one of three signed by Binance on the same day. The other two were signed with Kazakhstan's Ministry of Digital Development and the Astana International Financial Centre (AIFC). The signing ceremony took place in Baku, with Binance founder Changpeng Zhao (CZ) present. The documents are MOUs and do not directly grant the license; Binance has stated it will apply for the first-class authorization based on these agreements.
License Enables Crypto-to-Fiat Exchange and Payments, Exploration of Local Stablecoin
Under Kazakhstan's regulations, the first-class PSP license would allow Binance to build infrastructure for exchanging digital assets with fiat currency, processing payments, and facilitating transactions, but it explicitly excludes deposit-taking or lending. In July, Binance partnered with Alatau City Bank to launch Binance Pay in the country. The two sides also discussed exploring a Kazakhstan-based stablecoin, which could serve as a bridge between the national fiat system and the broader digital asset ecosystem, though the discussions remain at an early stage.
The maturity of crypto payments and cross-border regulation has been a key focus for CZ. As previously reported by ABMedia, he spoke at the Davos Forum about crypto payments not yet being mature and the impossibility of unified global regulation in the near term.