As per Binance’s announcement, Astana Financial Service Authority (AFSA), the financial regulator in Kazakhstan, recently granted Binance in-principle approval to operate within the country.
However, with “in-principle” approval, Binance still needs to complete Kazakhstan’s full application process. Once everything is approved by regulators, the Bitcoin and cryptocurrency exchange will be able to operate on the Astana International Financial Center’s (AIFC) platform while offering its digital asset trading and custody services.
The founder and CEO of Binance, Changpeng Zhao, was very pleased with the news. Zhao believes that with this recent development, Kazakhstan is setting itself up to be a pioneer for Bitcoin and cryptocurrency adoption and regulation in Central Asia.
Moreover, he stated that this decision yet again supports the notion that Binance wants to become a compliance-first exchange and provide products and services in a safe and well-regulated environment. This year alone, Binance has already received several similar approvals from regulators in Spain, Italy, France, and Bahrain.
Gleb Kostarev, Regional Head of Asia at Binance was similarly optimistic:
This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval.
Nurkhat Kushimov, Chief Executive Officer of AFSA, believes that large investors and institutions who want exposure to these new markets need to have clear and concise guidance from regulators. Once Binance is compliant with the county’s regulations, more opportunities for businesses and investors to collaborate within the country will emerge.
Kushimov also stated:
We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally.