Dunamu Signs MOU With Kazakhstan's ACA, Alatau City Bank on Digital Finance Infrastructure

Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, said on Sept. 16 it 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 at the Korea-Kazakhstan Business Roundtable held on Sept. 15 at the Four Seasons Hotel in Gwanghwamun, Seoul, on the occasion of Kazakh President Kassym-Jomart Tokayev's official visit to South Korea.

A key area of the partnership is a review of the potential use of real-world asset, or RWA, tokenization and security token offerings, or STOs. Dunamu also plans to explore cooperation with the Kazakh side on stablecoins, payment solutions and other digital finance tools.

Dunamu will provide tokenization solutions and technical expertise needed to build digital infrastructure. ACA will support regulatory analysis and coordinate cooperation among local authorities and related institutions, including discussions on potential regulations and pilot programs. Alatau City Bank plans to examine how digital assets such as RWAs, stablecoins and payment solutions could work with traditional finance, or TradFi, systems under applicable laws and regulatory requirements.

The three organizations plan to jointly review business models and projects in light of Kazakhstan's legal, regulatory and institutional conditions. Specific projects, implementation methods and future forms of cooperation will be determined after further review and, if necessary, formalized through 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. Dunamu will continue pursuing partnerships to help South Korea's digital-asset financial technology set new standards in global markets, he added.

Alisher Abdikadirov, head of ACA, said cooperation with Dunamu could pave the way for future 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 that can adopt innovative solutions and attract investment.