Binance, the world's biggest crypto exchange, has signed a memorandum of understanding (MoU) with the Kazakhstan government to develop the country's crypto-assets market. They have agreed to long-term mutual cooperation.

The MoU was signed in a meeting with Elimanov Zhanat Kaldybekovich, the chairman of the Financial Monitoring Agency of the Republic of Kazakhstan. Managers and employees of the agency and representatives of the crypto exchange were also present, Binance said in a statement.

It added that the main purpose of the collaboration is "the cooperation and mutual support of the parties in the sphere of circulation of crypto-assets and exchange of information, establishing and blocking of virtual assets obtained through criminal means, as well as intended for legalization (laundering) of proceeds obtained through criminal means and financing of terrorism."

"Binance has the most robust compliance program in the industry, including anti-money laundering (AML) and global sanctions, as well as tools for proactively detecting suspicious accounts and fraudulent activity," said Tigran Gambarian, vice president of global intelligence and investigations at Binance.

Additionally, the crypto exchange will also open a regional office in the central Asian country, Kazakhstan President Kassym-Jomart Tokayev confirmed at the Digital Bridge 2022 forum in Astana last week.

The MoU has been signed under the exchange's "Global Law Enforcement Training Program," which aims to "develop an ecosystem of cooperation with local and international authorities in the fight against cyber and financial crimes."

The world's leading exchange reportedly received "an in-principle" approval from financial regulator Astana Financial Services Authority (AFSA) earlier to provide crypto services to people in Kazakhstan.

Binance app is seen on a smartphone in this illustration taken, July 13, 2021.
Binance app is seen on a smartphone in this illustration taken, July 13, 2021. Reuters / DADO RUVIC