James Atkins
Editor
Editor
On Monday, August 15th, the Binance announced that it has received approval from the Kazakhstan Astana Financial Services Authority (AFSA). To offer digital asset trading services and provide guardianship in the country’s Astana International Financial Center (AIFC).
This new development indicates that Kazakhstan is another country where Binance would be allowed to operate legally.
Even though it receives in-principle approval from AFSA, Binance still needs to complete the full application process. After this is done, Binance will be able to offer a digital asset trading resource and provide digital asset guardianship; on the AIFC’s platform.
Kazakhstan is Binance’s first foray into the Central Asian market. The move will help the country to attract more foreign investments and further develop its digital economy. Binance has been actively expanding its reach globally.
Earlier this year, Binance announced its plans to set up a fiat-to-crypto exchange in Singapore. Binance is also one of the few crypto exchanges that are compliant with the requirements of the Malta Financial Services Authority.
The Binance team is confident that the country’s friendly regulation of the blockchain industry. Will create a favourable environment for the development of the digital economy.
While commenting on this latest development, Changpeng Zhao (CZ), founder and CEO of Binance, says;
“By being the first country in Central Asia to implement crypto regulation, Kazakhstan is paving the way for others. Binance’s Exchange-traded product will only be available in a handful of countries that have well-regulated environments surrounding cryptos–showing their dedication to keeping customers safe.”
Gleb Kostarev, Regional Head of Asia at Binance, adds that:
“This is a significant milestone for Binance in Kazakhstan. We appreciate the Astana International Financial Center’s assistance and leadership in providing Binance Kazakhstan with this in-principle license approval.”
The AFSA is a self-regulatory body for the Astana International Financial Center. They are in charge of monitoring digital assets in Kazakhstan.
The AFSA’s strong regulatory framework has aided the AIFC in becoming the leading regional platform for accelerating fintech growth, according to Binance.
Nurkhat Kushimov, Chief Executive Officer of AFSA, also comments on this latest development, adds that;
“Large investors looking for new frontiers want clear-cut and well-managed rules, as well as high regulatory standards. When a regulator meets these criteria, it establishes trust-based collaboration and an ecosystem where participants can operate safely and effectively. We anticipate Binance’s efforts will contribute to the growth of this vibrant digital asset sector locally and regionally.”
Binance has recently expanded its compliance team and received approvals and provisional permissions from other countries and jurisdictions, including France; Dubai, and Spain. Binance is also extending its reach into traditional finance.
In April, Binance announced a joint venture with Simplex to offer fiat-to-crypto services on Binance.com, Binance’s flagship spot trading platform. This will allow Binance users to buy cryptocurrencies with a credit or debit card.
After the exchange came under fire in the United Kingdom and Japan last year. As well as Israel Uzbekistan and this year, regulatory approvals arrived.
Binance is a world-leading blockchain and cryptocurrency infrastructure, provider. It offers a suite of financial products, including the world’s largest digital asset exchange.
Binance’s mission is to accelerate the freedom of money worldwide. Binance recently announced a strategic partnership with Kazakhstan-based cryptocurrency exchange Kuna.
Binance will provide technical support to Kuna in terms of developing its trading platform. Risk management system, and know-your-customer (KYC) procedures. Binance will also help Kuna list a variety of new digital assets on its platform.
This partnership is in line with Binance’s commitment to expanding its global presence and building up local cryptocurrency ecosystems. Binance has been actively expanding into new markets.
With this license, Binance will be able to provide Kazakhstani users with a secure and reliable platform for buying; selling, and trading cryptocurrencies.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
