The Astana Financial Services Authority which is an independent financial regulator in Kazakhstan, has taken a step towards licensing Binance to operate in the country.
The AFSA said it had granted in-principle approval toward Binance operating as a digital asset trading facility and providing custody services in the Astana International Financial Centre, a financial hub in the capital city. Binance said it was required to complete the application process for approval, which the crypto exchange expected to do in due course.
According to AFSA CEO, the decision towards granting Binance a license to operate in Kazakhstan could lead to the development of a “vibrant ecosystem of digital assets industry locally and regionally.” Binance founder and CEO CZ, added that the exchange aimed for a “compliance-first” approach, providing products and services “in a safe and well regulated environment” globally.
In May, CZ met with Kazakhstan President Kassym-Jomart Tokayev and signed a memorandum of understanding aimed at bolstering “virtual asset market development” in the country. Under the proposed framework, Binance would assist Kazakhstan in developing legislative guidelines and regulatory policies for cryptocurrencies.
