#Binance obtained a permanent license to operate as a digital asset platform in Kazakhstan!
This is a step up from an earlier in-principle approval to complete the full application process to secure permanent authorisation in the country.
— Binance (@binance) October 6, 2022
The licence allows Binance to operate a digital asset platform while providing custody services in Kazakhstan. Kazakhstan, a Central Asian country that was formerly part of the Soviet republic. It shares borders with China and Russia.
The Financial Services Regulatory Committee in AIFC Financial Services Authority ( AFSA ) issued the license to Binance. The Financial Services Regulatory Committee of the Astana International Financial Center (AIFC) functions as an independent regulator of the Astana International Financial Center tasked with regulating activities around digital assets in Kazakhstan.
According to Binance, citizens and organizations of Kazakhstan, as well as other countries, can access “exchange and conversion services,” make crypto-fiat deposits and withdrawals, store cryptocurrency assets, and more. Binance is also expected to play by the books created by AFSA as its services expand over time.
Binance received preliminary approval in August
Gleb Kostarev, Binance Asia Director, said that the development is a plus to Kazakhstan as the nation gears towards becoming a major player in the “digital technologies and the cryptocurrency ecosystem.”
According to him, the Kazakhstani authorities have adjusted its laws and regulations to permit business transactions based on digital assets in a highly secured environment.
Back in May, Binance assured the country of a partnership to develop digital asset regulations in the nation. Then in August and September 2022, Binance received preliminary approval and created a hub in the nation, respectively.
Besides Kazakhstan, Binance has been working with France, Dubai and Spain, U.K., Japan, Uzbekistan, and Israel to develop regulatory frameworks for digital assets.
Gleb Kostarev asserted that Binance had taken another step to become “a compliance-focused exchange” to make the crypto space safer.