Kazakhstan Granted Binance Permanent License To Provide Services Related To Digital Assets
Binance was granted a permanent operating license in Kazakhstan following the development of numerous memorandums of understanding (MoU) and an initial “in-principle” authorisation to operate in Kazakh.
The Astana International Financial Center has received a permanent license to operate a platform for digital assets and offer custody services as of October 6 from Kazakhstan’s AIFC Financial Services Authority.
With the recent acquisition of a permanent license, Binance now has legal recognition as a regulated platform within the nation. This is another move toward Binance becoming a “compliance-focused exchange,” according to Gleb Kostarev, regional head for Asia at Binance.
Kostarev highlighted Kazakhstan’s recent efforts and activities in the crypto space
“We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.”
Binance signed its first Memorandum of Understanding (MoU) on May 25 and set the stage for operations in Kazakhstan by promising to support the expansion of crypto usage and regulation there. On October 3, a second one was held to aid in the battle against financial crime.
This Kazakh breakthrough comes after a number of government initiatives to broaden the country’s crypto-related potential.
On September 28, Kazakhstan’s president, Kassym-Jomart Tokayev, informed a local news outlet that if demand rises, the government is prepared to approve a method of converting cryptocurrency to cash.
A program to enable cryptocurrency exchanges to create bank accounts and conduct legal business in the Astana International Finance Center was introduced in June by Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry.
Due to affordable energy, Kazakhstan has historically had a favorable reputation as a location for cryptocurrency mining. The nation has increased its power usage reporting requirements for mining enterprises during the past year, along with new tax regulations with anticipated effects on the sector.
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