Binance Receives In-Principle Approval in Kazakhstan
A Kazakhstan-based autonomous financial regulator, Astana Financial Services Authority (AFSA), offered Binance an in-principle approval to operate within the jurisdiction. With this, AFSA has turned into the earliest regulatory agency in the country to provide an in-principle authorization to an institution working under Binance.
Binance Secures In-Principle License from Kazakhstan-Based AFSA
A blog post was published today by Binance to share the news of this approval, in which it expressed that the company will be able to offer the services related to the custody as well as trading of the digital assets within the Astana International Financial Centre (AIFC). Nonetheless, the entity noted that although they are given a green signal, there is a need for them to accomplish the complete application procedure, anticipated to be accomplished in its due course.
Binance will then be capable of providing its facilities being a provider of the digital assets’ custody as well as trading in the AIFC. The post also revealed that Changpeng Zhao (the CEO and founder of Binance) has categorized Kazakhstan as the forerunner in terms of crypto compliance as well as adoption across the Central Asian region. The founder additionally mentioned that the respective move makes it clear that Binance is an exchange that provides prominence to compliance as committed by it.
He asserted that this enables the organization to offer services and goods in a secure and properly regulated atmosphere throughout the world. Binance’s Regional Head of Asia, Gleb Kostarev was also referred to in the blog post. According to the post, he labeled the step as a remarkable accomplishment for the exchange in Kazakhstan. He appreciated the support of the AIFC as well as its vision in giving the respective approval.
AFSA Allures Big Industry Players
AFSA is known as the Astana International Financial Centre’s sovereign regulator and an exclusive entity devoted to dealing with the regulation of the operations related to digital assets within the country as well as the broader area of the CIS. The vigorous regulatory agenda of AFSA to cope with FinTech has assisted the AIFC in becoming the front-running local venue specified for digital assets-related services’ development.
AFSA’s CEO, Nurkhat Kushimov, brought to the front that the big investors pursuing the latest markets require well-organized and unambiguous rules along with high standards in the case of regulatory activities. Furthermore, he disclosed that when such requirements are fulfilled by a regulator, a collaboration is formed based on reliance, and the players are allowed to operate securely and effectively.
