Kazakhstan issues in-principle approval for crypto exchange to Binance Kazakhstan in order to operate in the country.
As a preliminary step toward obtaining a license to operate as a digital asset trading facility and custody provider in the Astana International Financial Centre, cryptocurrency exchange Binance has received preliminary approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan (AIFC).
Kazakhstan Issues In-Principle Approval for Crypto Exchange Binance
The autonomous financial technology regulator AFSA is the first in the nation of central Asia to offer any Binance entity in-principle authorization. Start-ups are permitted to engage in regulated activities by the AIFC. Before beginning operations, Binance Kazakhstan must finish the entire application procedure, the business stated in a blog post on Monday.
Kazakhstan, a nation known for its cryptocurrency mining, has been working with Binance to build a regulatory framework for digital assets as the nation aims to grow its crypto business. The business said in May that it will assist the nation in creating regulations for digital assets.
“Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation,” according to Binance CEO Changpeng Zhao.
While doing this, the exchange expanded its compliance team and received licenses and provisional permits from nations like France, Dubai, and Spain after receiving criticism from authorities in places like the United Kingdom and Japan last year, as well as Uzbekistan and Israel this year.
“This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well regulated environment across the globe,” Changpeng Zhao wrote in the blog.
Nurkhat Kushimov, the Chief Executive officer of AFSA, stated that large investors who are seeking new markets really need clear and well-managed rules, as well as high standards of regulation. He said this, because when a regulator meets these requirements, it would logically create a working partnership which is based on trust and where ecosystem players can work efficiently, and most importantly safely.
Kushimov believes that Binance will work to further develop the vibrant ecosystem of the digital assets industry both in Kazakhstan and in the region.
Gleb Kostarev, the Regional Head of Asia at Binance shared his gratitude to the Astana International Financial Centre for all their support and groundbreaking vision in granting Binance Kazakhstan its in-principle license approval. He went on to say that this is a landmark achievement for Binance in Kazakhstan.
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