The Kazakh authorities have granted Binance a license to operate as a digital asset platform and provide a variety of relevant services. While working from the nation’s financial hub in the capital Nur-Sultan, the crypto exchange will also offer registration to clients from other countries.
Crypto Exchange Binance Receives License to Operate from Kazakhstan
Binance, the world’s leading cryptocurrency exchange by daily trading volume, has received a permanent license from the Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC), the financial center from Kazakhstan.
The license will allow Binance to expand its services as a digital asset platform operator and work from AIFC as a provider of custody services for global clients. The financial center is based in the capital of Kazakhstan, Nur-Sultan (formerly Astana).
The move comes after Binance got preliminary approval in August. The permanent authorization gives it the status of a regulated platform in Kazakhstan, the exchange explained. With compliance and security controls, you will now be able to process fiat money deposits and withdrawals, convert to cryptocurrencies, and offer storage and exchange of crypto assets.
The exchange indicated that it plans to expand the range of supported services. Natural and legal persons from any other country will be able to register on the trading platform licensed from Kazakhstan, Binance said in an announcement. Its Director for Asia, Gleb Kostarev, commented:
We welcome the intention of Kazakhstan to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.
The Nur-Sultan government has made significant changes to Kazakhstan’s legislation and regulatory environment, establishing the highest compliance standards for cryptocurrency platforms in the republic, the executive added.
Kostarev noted that the strong regulatory framework has helped AIFC become a leading platform in the region, facilitating the development of services for digital assets. He also emphasized that Binance is taking another step in its quest to be a compliance-focused exchange.
Binance will support Kazakhstan in what the two sides describe as the safe development of the country’s crypto market. As part of a recently signed Memorandum of Understanding, the cryptocurrency exchange and the Central Asian Nation Financial Supervision Agency agreed to share information on financial crimes involving cryptocurrencies.
Kazakhstan, which became a major crypto mining hotspot following a crackdown in China, has also been taking steps to regulate other sectors of the digital asset industry. A local lender and a national cryptocurrency exchange, Eurasian Bank and Intebix, recently reported conducting a cryptocurrency purchase transaction for a client, the first such joint operation in the country, they said.
Do you expect other global crypto trading platforms to seek to acquire a license to operate in Kazakhstan? Tell us in the comments section below.
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