Binance has been handed preliminary approval to operate as a cryptocurrency exchange in Kazakhstan.
The company received ‘In-Principle Approval’ from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC).
The move from the AFSA makes it the first regulator in Kazakhstan to grant an in-principle approval to a Binance entity. The agreement still requires Binance to complete the full application process, which is expected to be completed in due course. Then Binance will be able to provide its services as an operator of a Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Centre.
“Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation,” said Changpeng ‘CZ’ Zhao, founder and CEO of Binance.
“This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well regulated environment across the globe.”
Gleb Kostarev, Regional Head of Asia at Binance, added: “This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Centre for their support and vision in granting Binance Kazakhstan this in-principle license approval.”
AFSA is an independent regulator of the Astana International Financial Centre and a unique body that regulates activities relating to digital assets in Kazakhstan and the wider region of the CIS. AFSA’s robust regulatory framework governing FinTech has helped the AIFC to establish itself as the leading regional platform for the development of services involving digital assets.
“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice,” said Nurkhat Kushimov, Chief Executive Officer of AFSA.
“When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently.
“We believe that Binance’s work will further develop this vibrant ecosystem of digital assets industry locally and regionally.”