Binance gets one step closer to offering its services in Kazakhstan.
The Astana Financial Services Authority (AFSA), a non-financial and financial service regulator in the Republic of Kazakhstan established in 2018, has issued In-Principle Approval for Binance to operate in the country.
According to a press release shared on August 15th, this approval will allow one of the biggest crypto exchanges, Binance, to function as a “Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC).”
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In a nutshell, this In-Principle Approval is one of the steps for Binance to become a licensed operator in the country. If the submission of final documents will be successful, Binance will be able to start providing its services in Kazakhstan.
Both sides have shared excitement about this partnership. Chief Executive Officer of AFSA, Nurkhat Kushimov stated:
We believe that Binance’s work will further develop this vibrant ecosystem of digital assets industry locally and regionally.
According to AFSA, Binance is expected to contribute to expanding and reinforcing the development of the digital asset market in Kazakhstan. Moreover, its ideas will contribute to making Kazakhstan a crypto hub of the Central Asia region.
Binance’s CEO, Changpeng Zhao (CZ) added:
This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe.
Kazakhstan’s and Binance’s partnership started back in May when the crypto exchange giant helped the country to establish digital asset regulations.
While some countries in the Central Asian region are welcoming Binance with open arms, others are not so keen to open their doors. In this case, a neighboring country, Uzbekistan, has blocked users from accessing Binance’s website, as it doesn’t have a license to operate in this country.
Binance has scored some great licenses allowing crypto exchanges to operate in economically strong European countries, such as Spain, France, and Dubai, the city with the second-largest economy in the Arab world.
