During a couple of previous months, considerable effort has been done by the biggest crypto exchange across the globe (in terms of its trading volume) – Binance – to operate in Kazakhstan. The new development in this respect is that the regulators within the country have provided an adequate license for the crypto exchange to run in the country while abiding by the regulations implemented by the authorities.
Binance Gets Regulatory Authorization in Kazakhstan
Recently, in its press release, the crypto exchange assured that a license has been acquired by it from the Astana Financial Services Authority (AFSA). Keeping this approval in view, Binance has permission to operate in Kazakhstan while being categorized as a regulated exchange of cryptocurrency. With the respective license, Binance is permitted to offer digital assets along with custody services via the Astana International Financial Center.
The exchange specified in its press release to have the capability to provide the services such as trading, storage, withdrawals, and deposits of crypto assets. A point to be noted here is that Binance was given preliminary approval for the same thing previously in August this year. Apart from that, only a couple of days back, a Memorandum of Understanding was inked by the crypto exchange with the Kazakhstan-based agency to have Financial Monitoring.
The collaboration between Binance and the authorities in Kazakhstan has been in reports for a considerable time regarding the regulation of the market of cryptocurrency. Apart from that, with the acquisition of the latest license, there are chances that the Kazakhstan-based crypto sector would potentially be dominated by the crypto exchange. While discussing the exclusive development in this endeavour, Gleb Kostarev (the Asia Director of Binance) also remarked.
He was of the view, that the venue welcomes the Kazakhstan-based government’s intention to turn into a prominent name in the world of digital technologies as well as the ecosystem of cryptocurrency. In his words, the authorities have carried out several important modifications in the country’s legislation as well as the regulatory environment thereof. He revealed that the top compliance standards will be made for the crypto venues running within the area.
Binance Attempts to Become a Worldwide Regulated Crypto Exchange with Numerous Authorizations
According to the venue, they are delighted to declare that this move will be a step ahead toward achieving the target thereof related to turning into an exchange company focused on compliance. The legal entities and individuals will be permitted to get registered via online registration without considering if they reside within the country or not. These services are expected to have a considerable expansion with time.
Binance guaranteed in May 2022 that it would offer assistance to Kazakhstan in the process of formulating regulations for digital assets. Following the provocation of the regulatory bodies in Israel, Uzbekistan, Japan, and the United Kingdom, the cryptocurrency exchange has simultaneously improved the compliance group associated with it while also receiving many provisional and full authorizations from the rest of the countries including Spain, Dubai, and France. These developments have taken place simultaneously.
