Binance Gets In-Principal Approval to Operate in Kazakhstan

The world’s largest crypto exchange has tapped another regulatory nod, this time from the Astana Financial Services Authority (AFSA).

The former Soviet Union state has been an important country for the crypto industry, being a hub for miners for years.

• The announcement from the company informed that the license from Kazahstan’s watchdog will allow it to operate a “Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Centre (AIFC).”
• This is Binance’s first regulatory approval in the country. Nevertheless, Binance is still required to complete full verification, which the exchange expects to do “in due course.”
• Once that’s completed, the crypto giant will be able to function on Kazahkstan’s territory both as a Digital Asset Trading Facility and custodial provider.
• After last year’s scrutiny that came from numerous global watchdogs, Binance reacted by appointing new compliance personnel. This resulted in an aggressive expansion in several previously hostile jurisdictions.
• Most recently, the exchange grabbed a few licenses to operate in Dubai, the UAE, and Italy, while the firm’s CEO – CZ – said they want to expand to Germany as well.
• Kazahstan has been a popular hub for miners, and the country reportedly made $1.5 million from BTC mining transactions last year.
• The authorities debate whether to implement new taxation rules on the industry but are yet to make them official.