Binance Receives Regulatory License To Operate In Kazakhstan
Binance has been granted a permanent license by Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custody services at the Astana International Financial Center.
Binance, the world’s largest crypto exchange by trading volume, has been establishing up shop in Kazakhstan over the last several months. The exchange has already made its impact on Kazakhstan authorities, from assisting the government to obtaining preliminary clearance to operate in the country.
The discussion then moved on to obtaining a suitable license to operate in the region.
Binance will be authorized to operate as a digital asset and custody services provider at the Astana International Financial Center thanks to the license from the Astana Financial Services Authority (AFSA).
The Astana International Financial Center is a regional platform focused on the development of digital asset-related services. Previously, the Astana Financial Services Authority granted provisional authorization to the exchange in August.
Gleb Kostarev, Asia Regional Head at Binance, said:
“We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem. The government has made significant changes to relevant legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms. We are proud that Binance has taken yet another step on the path of being a compliance-focused exchange”.
The Financial Services Regulatory Committee of the Astana International Financial Center (AIFC) is the financial hub’s independent regulator and the only body overseeing activities related to digital assets in Kazakhstan.
Binance laid the groundwork for its activities in Kazakhstan earlier this year when it signed its first Memorandum of Understanding (MoU) on May 25, promising to help promote crypto usage and regulation in the nation. It was followed by a second on October 3 to aid in the battle against financial crime.
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