Binance and the National Bank of Kazakhstan to Deliver “State of the Digital Assets Industry and DeFi in Central Asia” Bilateral Report

2023-02-03

February 3, 2023, Almaty — Binance and the National Bank of Kazakhstan have today presented a bilateral report on the State of the Digital Assets Industry and DeFi in Central Asia. The report’s presentation was delivered at the “Digital Almaty 2023” forum.

In attendance was the Chairman of the Center for the Development of Payments and Financial Technologies of the National Bank Binur Zhalenov, the GR director of Binance in CIS, Olga Goncharova, and the General Manager of Binance in Kazakhstan, Zhaslan Madiyev. 

The joint report analyzes crypto adoption, general DeFi trends, and the local digital assets industry. Included also is the regulatory landscape in CIS countries, along with the main trends that require close regulatory monitoring. 

Key among these are investments in the skills and technologies to understand the challenges/opportunities that DeFi presents. Also included are the provenance of data used by oracles to support smart contracts and the irrational behavior of users.  

Together, Binance and the National Bank of Kazakhstan are working to overcome key challenges common in the crypto space. From the knowledge-gap assessment of decentralization to differing jurisdictions, inconsistencies have been jointly tackled.

“Traditional and decentralized finance should co-exist and thrive in tandem to provide better financial infrastructure. Together, they must satisfy consumer demand for a more inclusive, cost-effective, convenient, and faster service. 

In cooperation with industry representatives and traditional financial intermediaries, regulators should formulate a “game plan” for DeFi regulation. It needs to focus on a flexible framework. It also must cast a wide net to meet rapid technological progress with attention to transparency, governance, and accountability.” - GR director of Binance in CIS Olga Goncharova.

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

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

The joint report emphasizes the importance of financial and digital literacy to reduce risks. Also included is the need to develop regulator and law enforcement agencies’ expertise to build a relevant capacity for regulatory design and further oversight.

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

“Looking across the globe, we recognize that Kazakhstan has  great potential to become a regional crypto hub. Its Digital Tenge 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”. 

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