Dunamu Signs Digital Finance Innovation MOU With Kazakhstan's Alatau City Authorities
Summary
- Dunamu said it signed a memorandum of understanding with Kazakhstan's Alatau City Administration (ACA) and Alatau City Bank to develop digital financial infrastructure.
- The company said the partnership will focus on reviewing the potential use of digital finance tools including real-world asset (RWA) tokenization, security token offerings (STOs), stablecoins and payment solutions.
- The three parties said they will jointly review business models and projects in light of Kazakhstan's laws, regulatory requirements and institutional conditions, and formalize them through separate agreements if necessary.
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Dunamu, the operator of Upbit, South Korea's largest cryptocurrency exchange, said on Sept. 16 that it had signed a memorandum of understanding with Kazakhstan's Alatau City Administration, or ACA, and Alatau City Bank to develop digital financial infrastructure.
The agreement was signed on Sept. 15 at the Korea-Kazakhstan Business Roundtable at the Four Seasons Hotel in Gwanghwamun, Seoul, held during Kazakh President Kassym-Jomart Tokayev's official visit to South Korea.
A key area of the partnership is to review the potential use of real-world asset, or RWA, tokenization and security token offerings, or STOs. Dunamu and its Kazakh counterparts also agreed to explore possible cooperation on stablecoins, payment solutions and other digital finance tools.
Dunamu will provide tokenization solutions and technical expertise needed to build digital infrastructure. The Alatau City Administration will support regulatory analysis and coordinate cooperation among local authorities and related institutions, including discussions on potential regulations and pilot projects. Alatau City Bank plans to examine cooperation between digital assets such as RWAs, stablecoins and payment solutions and traditional finance, or TradFi, systems, taking into account relevant legal and regulatory requirements.
The three parties said they plan to jointly review business models and projects in consideration of Kazakhstan's laws, regulatory requirements and institutional conditions. Specific projects, implementation methods and the form of future cooperation will be decided after further review and, if necessary, set out in separate agreements.
Choi Won-seok, vice president and chief global business officer at Dunamu, said the agreement was meaningful in that it showed the company's digital-asset technology could contribute to the development of global financial infrastructure. He added that Dunamu would continue pursuing partnerships to help South Korea's digital-asset financial technology set new standards in global markets.
Alisher Abdikadirov, head of the Alatau City Administration, said cooperation with Dunamu could pave the way for pilot applications of financial infrastructure backed by globally competitive technological expertise. He added that Alatau City's top priority is to create a secure environment capable of adopting innovative solutions and attracting investment.
