Binance has been given a permanent license by the AIFC Financial Services Authority in Kazakhstan to run a platform for digital assets and offer custody services there.
Binance was granted a permanent operating license in Kazakhstan following the development of numerous memorandums of understanding (MoU) and an initial “in-principle” authorisation to operate in Kazakhstan.
The Astana International Financial Center has received a permanent license to operate a platform for digital assets and offer custody services as of October 6 from Kazakhstan’s AIFC Financial Services Authority.
Binance now has official standing as a regulated platform in the nation thanks to this recently obtained permanent license. This is another move toward Binance becoming a “compliance-focused exchange,” according to Gleb Kostarev, regional head for Asia at Binance.
Kostarev emphasized Kazakhstan’s current initiatives and actions in the cryptocurrency sector: “We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.”
Binance signed its first Memorandum of Understanding (MoU) on May 25 and set the stage for operations in Kazakhstan by promising to support the expansion of crypto usage and regulation there. On October 3, a second one was held to aid in the battle against financial crime.
This Kazakh breakthrough comes after a number of government initiatives to broaden the country’s crypto-related potential.
On September 28, Kazakhstan’s president, Kassym-Jomart Tokayev, informed a local news outlet that if demand rises, the government is prepared to approve a method of converting cryptocurrency to cash.
The Kazakhstani Ministry of Digital Development, Innovations, and Aerospace Industry introduced a program in June that would permit cryptocurrency exchanges to obtain bank accounts and conduct legitimate business within the Astana International Finance Center.
Kazakhstan has a history of being a popular location for cryptocurrency mining due to affordable energy. The nation has increased its power usage reporting requirements for mining enterprises during the past year, along with new tax regulations with anticipated effects on the sector.