Binance Approved To Legally Operate In Kazakhstan

2022-10-06 | Andrew Williams

Binance Approved To Legally Operate In Kazakhstan

After several memorandums of understanding and an original “in-principle” approval to operate in Kazakhstan, Binance has been approved with a permanent license to operate within the country.

As of Oct. 6, the Republic of Kazakhstan’s AIFC Financial Services Authority( AFSA) granted the operational license to both manage a digital asset platform and offer financial services at the Astana International Financial Center.

This recently acquired license gives Binance sanctioned status as a regulated platform in the country. Gleb Kostarev, Asia Regional Head at Binance, this is another step for Binance being a “compliance-approved exchange."

Kostarev revealed Kazakhstan’s recent work-throughs in the crypto space, adding:

“ We welcome Kazakhstan’s drive to come a leading player in the field of new digital technologies and the cryptocurrency ecosystem."

Binance began laying the root for operations in Kazakhstan when it signed its first MoU on May 25, through which it pledged to assist crypto adoption and regulation in the country. Followed by an alternate MoU on Oct. 3 to help fight financial-related crypto crimes.

This development out of Kazakhstan follows multiple conducts by authorities to increase the crypto-related openings in the country.

On Sept. 28 the chairman of Kazakhstan, Kassym- Jomart Tokayev, told an original news agency that if demand increases the government is ready to authorize a way to convert crypto to fiat currency.

Earlier in June, the Ministry of Digital Development, Innovations & Aerospace Industry of Kazakhstan launched a program that now permits crypto exchanges to open bank accounts and operate as legal operations in the Astana International Finance Center.

Kazakhstan has preliminarily held a character as a good place for crypto mining due to its original energy prices. Over the last time, the country ramped up its power consumption reporting conditions for mining companies, along with new duty guidelines with a projected impact on the industry.

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