The largest crypto exchange in the world, Binance, is gaining momentum in Kazakhstan after it received long-term authorization from the AIFC Financial Services Authority (AFSA) on Thursday. The license permits the cryptocurrency exchange to run as a digital asset platform and provide custody services in Kazakhstan.
Binance Gets Permanent License From Kazakhstan’s AFSA
On the cryptocurrency exchange Binance on October 6, was granted a permanent license by the AFSA to run a digital asset platform and provide custody services through the Astana International Financial Center. Binance started working on adopting crypto and its regulation with Kazakhstan in May. It has since stepped up its presence dramatically in Kazakhstan.
The permanent license signifies that Binance is now a legally-regulated cryptocurrency exchange in the nation. It will provide conversion and exchange services, including withdrawal and deposit of fiat currencies, storage of crypto assets, and exchange trading.
Binance Asia Director Gleb Kostarev told Binance Asia Director Gleb Kostarev:
“We applaud the decision of Kazakhstan to be a major participant in the world of modern digital technologies as well as the cryptocurrency ecosystem. Kazakhstan’s government made important changes to the law and regulatory framework and has set the most stringent quality standards for platforms that use cryptocurrency within the country.”
Bitcoin Adoption Kazakhstan
Since receiving an initial green light from AFSA on August 1, Binance has been working hard to promote crypto adoption in Kazakhstan. In reality, Kazakhstan President Kassym-Jomart Tokayev announced the creation the establishment of regional centers for Binance.
In addition, Kazakhstan has also presented a draft law for crypto mining, which will effectively regulate cryptocurrency mining. The government also experimented with crypto exchanges and banks to legalize crypto transactions.
The previous Monday, Binance signed the Memorandum of Understanding (MOU) with the Financial Monitoring Agency of the Republic of Kazakhstan. Binance will find and block illegal crypto assets and crypto associated with terrorist financing and money laundering.
Binance has increased its Binance Law Enforcement Training Program in Kazakhstan. It will aid the country combat financial and cybercrime.
