Kazakhstan grants Binance license to offer digital asset services | The Financial Express

Kazakhstan grants Binance license to offer digital asset services

Kazakhstan has previously been known as a favourable location for crypto mining due to low local energy rates.

Kazakhstan grants Binance license to offer digital asset services
Kazakhstan issued a permanent licence to operate a digital asset platform and provide custody services at the Astana International Financial Center.

Binance got a permanent licence to operate in Kazakhstan after a series of memorandums of understanding (MoU) and an initial “in-principle” approval, as reported by Cointelegraph.

On October 6, the AIFC Financial Services Authority (AFSA) of the Republic of Kazakhstan issued a permanent licence to operate a digital asset platform and provide custody services at the Astana International Financial Center.

According to Cointelegraph, Binance now has official standing as a regulated platform in the country, according to the freshly acquired permanent licence. Binance Asia Regional Head Gleb Kostarev stated that this is another step toward Binance being a “compliance-focused exchange.”

Kostarev highlighted Kazakhstan’s recent developments. “We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.”

In June, the Kazakhstan Republic’s Ministry of Digital Development, Innovations, and Aerospace Industry introduced a scheme that allowed cryptocurrency exchanges to create bank accounts and conduct legal operations in the Astana International Finance Center. Kazakhstan has previously been known as a favourable location for crypto mining due to low local energy rates. The country increased its power consumption reporting requirements for mining companies during the last year, as well as new tax guidelines with an influence on the industry, Cointelegraph stated.

(With insights from Cointelegraph)

Also Read: US regulators say crypto poses financial stability risks

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