Kazakhstani authorities granted Binance the license to run a platform for digital assets and other relevant services. While working out of the nation’s financial hub in the capital Nur-Sultan, the crypto exchange will offer registration to customers from other countries as well.
Crypto Exchange Binance gets a Kazakhstani license
Binance, the world’s leading cryptocurrency exchange by daily trading volume, has been granted a permanent license by the Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC), Kazakhstan’s financial hub.
Binance will be able to use the license as an operator of digital assets and as a provider of custodial services for international clients. The financial center is based in Kazakhstan’s capital Nur-Sultan (formerly Astana).
Binance received preliminary approval in august. It now has the permanent authorization, which gives it the legal status as a registered platform in Kazakhstan. It will be in a position to accept fiat money deposits, withdrawals, convert to cryptocurrency, as well as offer crypto asset storage and trading.
It indicated that it will expand its range of support services. Binance stated that any legal entity or private individual from Kazakhstan will be allowed to register for the platform’s Kazakhstan-licensed trading. Gleb Kolstarev, the Director of Asia at Binance, said:
We welcome Kazakhstan’s intention to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.
The government in Nur-Sultan has made significant changes to Kazakhstan’s legislation and regulatory environment, setting the highest compliance standards for cryptocurrency platforms in the republic, the executive added.
Kostarev emphasized that AIFC’s strong regulatory framework helped it become a leader platform in the region and facilitate the development of services to digital assets. Binance has taken another step towards becoming a compliance-focused platform, he said.
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 crypto exchange and the Central Asian Nation’s Financial Monitoring Agency agreed to share information on financial crimes involving cryptocurrencies.
After the crackdown by China, Kazakhstan has become a significant crypto-mining hotspot. Since then, Kazakhstan has taken steps to regulate the other segments of the digital assets industry. A local lender and a domestic crypto exchange, Eurasian Bank and Intebix, recently reported conducting a crypto purchase transaction for a client — the first such joint operation in the country, they said.
Are you expecting other crypto trading platforms around the world to apply for a Kazakhstan license? Please leave your comments below.
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