Binance receives a permanent licence to work in Kazakhstan
On October 6, Binance’s representatives announced that the exchange received a licence from the Astana Financial Services Authority (AFSA) to work in Kazakhstan. This licence allows the platform to offer digital asset and custody services and exchange business.
Primarily, the crypto exchange needs to apply for a licence before it can start working at the Astana International Financial Center (AIFC). AIFC is located in Astana, the capital of Kazakhstan.
Registration on the exchange is available for physical individuals and legal entities from any country. In the future, the company intends to expand the range of provided services.
According to Changpeng Chao, Kazakhstan is a first mover in crypto adoption and regulation in Central Asia. This step once again demonstrates Binance’s commitment to be a compliance-focused exchange. The company also intends to provide products and services in a secure and well-regulated environment around the world.
Binance’s Asia director Gleb Kostarev noted that obtaining a licence is another step for the company in an effort to be a compliance-focused exchange.
Earlier, Binance has received the in-principle approval to provide custody and operate a digital asset trading facility in Kazakhstan.
On October 3, Binance signed a memorandum of understanding with the Financial Monitoring Agency of the Republic of Kazakhstan, in which the company made a commitment to contribute to combating financial crimes.
After China imposed restrictions on mining in 2021, Kazakhstan has become a popular country for miners due to relatively cheap electricity. According to the data, Bitcoin mining in Kazakhstan accounted for 13.22% of the total global hashrate.