On September 4, Binance entered into three memorandums with various governmental and financial institutions in Kazakhstan during a ceremony in Astana. These agreements focus on the issuance of a stablecoin, the development of payment systems, and the tax residency of investors, as stated in a blog post by the exchange.
The partners include the Ministry of Artificial Intelligence and Digital Development, the National Bank, and the Astana International Financial Centre (AIFC).
Photo: Binance.Stablecoin and Digital Asset Payments
The agreement with the Ministry of Artificial Intelligence and Digital Development addresses digital assets, computational infrastructure, and payment solutions. Binance Kazakhstan and the ministry will explore the possibility of launching a stablecoin in the country and establishing a settlement framework for transactions involving these assets.
Additionally, the agreement includes refining tax and judicial approaches as well as creating new services.
“Today, Kazakhstan is moving to the next stage of developing the digital asset market — from establishing a regulatory environment to creating infrastructure and practical solutions,” said Jaslan Madiyev, Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development of Kazakhstan.
Kazakhstan as a Payment Hub
The second memorandum was signed with the National Bank, aiming to position Kazakhstan as a regional hub for payment and financial technology. This involves relocating part of Binance’s operations, functions, and infrastructure to Kazakhstan, as well as launching cross-border services.
To implement these agreements, the partners have developed a roadmap focusing on enhancing payment infrastructure, licensing, and launching new products.
“Collaboration with international technology companies allows for the exchange of expertise and exploration of new solutions that can further develop Kazakhstan’s payment market,” remarked Binur Jalenov, Deputy Chairman of the National Bank of Kazakhstan.
Digital Assets and Tax Residency
The third document was signed with the AIFC, extending the Investment Tax Residency Program to include digital assets.
“The expansion of the AIFC's Investment Tax Residency Program to include digital assets is an important step in the development of Kazakhstan's modern investment infrastructure. […] This opens up new opportunities for investors within the AIFC ecosystem and fosters the further development of the digital asset market in Kazakhstan,” stated Renat Bekturov, AIFC Managing Director.
Intentions Without Specific Timelines
All three documents are memorandums of intent, and no specific dates for the stablecoin launch, payment product rollouts, or updates to the residency program were provided.
Kirill Khomyakov, Binance's Regional Head for Central and Eastern Europe, Central Asia, and Africa. Photo: Binance.“We see Kazakhstan not just as a market for developing individual products but as a crucial growth point for digital finance in the region. The three signed memorandums encompass key elements of this ecosystem — digital assets, payments, and investments. This lays a strong foundation for the emergence of new products, attracting international capital, and further developing the country’s technological infrastructure,” said Nurkhat Kushimov, General Manager of Binance Kazakhstan.
It is worth noting that in May 2025, the exchange signed a memorandum of strategic partnership with the National Investment Agency under the President of Kyrgyzstan. That same year, Binance launched trading for KGST, the first national stablecoin of Kyrgyzstan.