Binance received a temporary license to work in Kazakhstan

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Astana Financial Services Authority (AFSA) issued a temporary license to the Binance cryptocurrency exchange to work with digital assets in the Republic of Kazakhstan.

AFSA General Director Nurhat Kushimovnoted that “large investors seeking new markets need clear and well-established rules, as well as high standards of regulatory practice.” When a regulator meets these requirements, it provides an ecosystem in which participants can operate safely and efficiently, he said. 

“We believe that Binance’s work will contribute to the continued development of this vibrant digital asset ecosystem locally and regionally,” Kushimov said.

In turn, Changpeng Zhao said that Kazakhstan has proven itself to be a pioneer in the adoption and regulation of cryptocurrency in Central Asia.

“This once again demonstrates the desireBinance will be a compliance-oriented exchange and provide products and services in a safe and well-regulated environment around the world,” Zhao said.

To obtain a permanent license forcryptocurrency activities within the state will require Binance to complete the full application process by a certain date. The exchange will then be able to provide its services as a platform operator for trading digital assets and a provider of storage services in the Astana International Financial Center (AIFC).

Let us recall that in June, the Kazakh authorities allowed cryptocurrency exchanges to open accounts in local banks.