Kazakhstan grants Binance permanent license to offer digital asset services

The AIFC Financial Services Authority in Kazakhstan granted Binance a permanent license to a digital asset platform and provide custody services in the country. 468 Total views 24 Total shares Listen to article 0:00 News After a build-up of multiple memorandums of understanding (MoU) and an initial in-principle approval to operate in Kazakhstan, Binance received a permanent license to operate in the country.

As of Oct. 6, the Republic of Kazakhstans AIFC Financial Services Authority (AFSA) granted the permanent license to both manage a digital asset platform and provide custody services at the Astana International Financial Center.

This newly acquired permanent license gives Binance official status as a regulated platform in the country. Gleb Kostarev, Asia Regional Head at Binance, said this is another step for Binance being a compliance-focused exchange.”

Kostarev highlighted Kazakhstans recent efforts and activities in the crypto space:We welcome Kazakhstans drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.”

Binance began laying the groundwork for operations in Kazakhstan earlier this year when it signed its first MoU on May 25, through which it pledged to help further crypto adoption and regulation in the country. Followed by a second on Oct. 3 to help fight financial crime.

Related: Kazakhstans central bank isnt going to ignore the crypto market

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

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

In June, the Ministry of Digital Development, Innovations and Aerospace Industry of the Kazakhstan Republic launched a program that allowed crypto exchanges to open bank accounts and run legal operations in the Astana International Finance Center.

Kazakhstan has previously held a reputation as a good place for crypto mining due to local energy prices. Over the last year, the country ramped up its power consumption reporting requirements for mining companies, along with new tax guidelines with a projected impact on the industry. #Blockchain #Asia #Government #Adoption #Kazakhstan #Binance #Regulation Related News How do you assess the value of an NFT? Q&A: Why cross-chain messaging matters Mainstream NFT adoption will be driven mostly by their utility Reversible blockchain transactions are key to fighting crime and wide adoption 1M Aussies will enter crypto over the next 12 months Swyftx survey Kazakhstan ready to legalize crypto as Russians flock to the country