Binance gets approval in principle to operate in Kazakhstan

Popular crypto exchange Binance has reportedly received an in-principle approval from regulatory authorities in Kazakhstan to operate crypto services.

Preliminary approval has been received

The ‘Astana Financial Services Authority’ (or AFSA for short) has now given the preliminary sign to operate a Digital Asset Trading Facility and to provide Custody in the Astana International Financial Center (AIFC). This makes the AFSA the first regulator in Kazakhstan to grant approval in principle to a Binance entity.

Binance still needs to complete the full application process like any other company. However, this is not expected to cause any new problems, but it still needs to be completed. After this, Binance can provide its services as an operator of a Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Center.

Major strides made in terms of licenses

When new markets are sought by (large) investors, it is imperative to have a good set of managed rules and high standards of regulatory practice. This, in turn, provides the foundation of trust for the ecosystem.

The approval follows a few regulatory agreements for the exchange in Europe and the Middle East. Last July, Binance’s Spanish subsidiary was given the green light to operate as a crypto service provider in Spain. The approval has been pending since the end of January and follows European registrations with both France and Italy. The company has also recently been awarded licenses to operate in Bahrain and Dubai. With this, major steps are taken in obtaining all licenses in the regions where the crypto company is active.

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