Crypto exchange Binance announced it has received in-principle approval to operate in Kazakhstan, one of the leading cryptocurrency mining hubs.
Binance approved in Kazakhstan
Over the past year, the exchange encountered several regulatory challenges and restrictions in some countries. It then strengthened the compliance team and has been scoring regulatory clearances to carry out operations in different nations such as France and Spain, as well as Dubai.
Now, the exchange has obtained preliminary approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan. This is Binance’s first step toward obtaining the license to operate as a digital asset trading hub and custody provider at the Astana International Financial Center (AIFC).
“Kazakhstan has proven to be a pioneer in the adoption and regulation of cryptocurrencies in Central Asia,” said Changpeng Zhao (CZ), Founder and CEO of Binance. “This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment around the world.”
Kazakhstan is known for its crypto mining activities; also recently reported regulatory approvals that will allow registered crypto exchanges to have bank accounts in the country.
Binance Helps Kazakhstan
AFSA, an independent fintech regulator, is the first in Kazakhstan to grant a Binance entity an in-principle approval to run crypto services. The AIFC allows start-up companies to carry out regulated activities. Binance Kazakhstan still needs to complete the full application process before it can begin trading with the jurisdiction, the company said in a blog post today.
Large investors looking for new markets need clear and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates a trust-based collaboration and ecosystem where gamers can work safely and efficiently.
Nurkhat Kushimov, CEO of AFSA.
Notably, the relationship between Binance and Kazakhstan is not recent. Binance has already been working with Kazakhstan bodies to spread crypto awareness and develop a regulatory framework as the country looks to bolster its crypto industry. The company said in May that it would help the country develop digital asset regulation.
