Binance Ready to Cooperate with Azerbaijan on Regulated Crypto Services
Binance's regional head Kirill Khomyakov told FinFly.News about promising formats of interaction with regulators and businesses in Azerbaijan, including working groups, educational programs, and pilot projects.
AI will summarize what happened, why it matters and what it means for business.
We are open to various formats of cooperation - working groups, educational programs, pilot projects. Binance already has experience of such interaction in Central Asia: in Kazakhstan, together with Alatau City Bank and with the support of the Ministry of Digital Development, Innovation and Aerospace Industry, a service for paying with cryptocurrency via QR codes and POS terminals was launched, implemented within the regulatory sandbox of the National Bank of the Republic of Kazakhstan - that is, under the direct control of the regulator at all stages. Funds are automatically converted into local currency (tenge), the seller receives the amount specified in the receipt, and businesses do not need to make changes to their existing payment infrastructure.
In Kyrgyzstan, Binance signed a memorandum of understanding with the National Agency for Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic, laying the foundation for a strategic partnership. With the agency, the exchange acts as an expert partner - sharing international experience, including examples of solutions that have proven ineffective in different countries, while leaving strategic decisions at the state level.
Context
What happened before
Generated by AI. Please check key details when accuracy matters.
Binance launched a crypto payment service via QR codes and POS terminals in Kazakhstan together with Alatau City Bank and with the support of the Ministry of Digital Development, Innovation and Aerospace Industry within the regulatory sandbox of the National Bank of the Republic of Kazakhstan.
Binance signed a memorandum of understanding with the National Agency for Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic.
Binance's regional head Kirill Khomyakov stated readiness to cooperate with Azerbaijan in regulated crypto services, including working groups, educational programs, and pilot projects.